Sber has begun offering cash dirhams, the currency of the United Arab Emirates, as a new service. A press release on the bank’s website confirms the launch.
Customers can now purchase dirhams in cash at five Sber branches located on Sretenka, Zemlyanoy Val, Bolshaya Yakimanka, Vavilov, and Bryanskaya streets. The bank indicated that it may add more branches in the future if demand for the dirham remains strong.
Sergey Shirokov, head of the Borrow and Savings department at Sberbank, anticipates strong interest in the new offering. He noted that travel and business ties with the United Arab Emirates are common among Russians, which could drive uptake of dirham cash purchases.
Shirokov added that the dirham has exchange-rate dynamics similar to the U.S. dollar, suggesting the currency can be a practical investment option for some clients. He expects growing demand as awareness of the service spreads and as additional locations come online to serve customers seeking UAE currency.
The bank also indicated that it is exploring the possibility of launching non-cash dirham transactions in the future, expanding the ways clients can engage with the currency beyond cash exchanges.
Additionally, Sberbank recently announced improvements to consumer credit conditions. Beginning February 1, the first month’s rate for any purpose or for refinancing loans from other banks will be 4 percent per year, down from 4.5 percent, with the rate in the second month rising to 12.5 percent. This change is part of broader efforts to adjust credit terms in response to market conditions and customer needs.
For residents in Canada and the United States who are curious about currency exchange services, Sber’s move to offer dirhams in cash marks an expansion of traditional banking services into a currency that supports travel, commerce, and personal investment. The decision aligns with a growing trend among financial institutions to provide convenient access to diverse currencies, especially in markets with strong ties to international travel and international trade. As cash dirham availability grows, customers may find more locations and options for handling UAE-related expenses, savings, or business needs. While the launch focuses on a handful of Russian branches, the potential expansion hints at enhanced cross-border financial capabilities that could become more common in the region’s banking landscape.