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  • Chapter One: Currency Unit & Issuance

    • Article (54) Currency Unit

      The official Currency of the State “The Dirham” shall be referred as (د ه إ) in Arabic letters and as (AED) in Latin letters and is subdivided into one hundred (100) fills.

    • Article (55) Currency Issuance

      1. Issuance of Currency shall be a privilege granted exclusively to the State which shall be exercised solely and exclusively by the Central Bank.
      2. No Person is allowed to issue or put into circulation paper banknotes, coins, or any instrument or cheques payable to bearer on demand which have the appearance of, or purporting or are likely to be confused with the currency, and may be circulated in the UAE or in any other country as a currency.
      This article has been amended by Decretal Federal Law No. (54) of 2023. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 31/10/2018 to 02/10/2023)

       

      1) Issuance of Currency shall be the exclusive right of the State. This right shall be exercised solely and exclusively by the Central Bank.

      2) No Person shall issue or put into circulation Currency notes, Currency coins, or any instrument or token payable to bearer on demand having the appearance of, or purporting to be, or are likely to pass as, or be confused with legal tender in the State or in any other country.

       

    • Article (56) Currency Legal Tender

      1. Paper banknotes and digital currency issued by the Central Bank shall be an absolute legal tender valid for payment of any amount up to their full face value.
      2. Coins issued by the Central Bank shall be legal tender valid inside the UAE for payment of any amount up to its full face value but not exceeding fifty (50) Dirhams. Nevertheless, should such coins be presented to the Central Bank, the latter shall accept them without any limitation to their value.
      This article has been amended by Decretal Federal Law No. (54) of 2023. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 31/10/2018 to 01/11/2023)

       

      1) Currency notes issued by the Central Bank shall be legal tender for payment of any amount up to their full face value.

      2) Currency coins issued by the Central Bank shall be legal tender in the State for payment of any amount with its full face value, and not exceeding fifty (50) Dirhams. Nevertheless, should such Currency coins be presented to the Central Bank, the latter must accept them without any limitation to its quantity.

       

    • Article (57) Currency Specifications, Features & Denominations

      1. Paper banknotes issued by the Central Bank shall be of such denominations, designs, and specifications as well as features decided by the Board of Directors. Paper banknotes shall bear the signature of the Chairman of the Board.
      2. The Board of Directors shall determine the weights, compositions, mix ratios, allowed variation, and all other specifications of coins as well as the quantities required to be minted of each denomination.
      3. The Central Bank shall take the necessary procedures for printing paper banknotes aforementioned in Clause (1) of this Article, and minting coins aforementioned in Clause (2) of this Article, in addition to all matters pertaining to such printing, minting and safekeeping of such paper banknotes and coins as well as relevant printing plates and coin dies.
      4. The Central Bank shall issue the forms, specifications and designs of digital currency, requirements and conditions of possession and all other features decided by the Board of Directors.
      5. The Central Bank shall publish resolutions whereunder Currency is issued pursuant to the specifications, designs and all other features in the Official Gazette.

       

      This article has been amended by Decretal Federal Law No. (09) of 2021.and Decretal Federal Law No. (54) of 2023 respectively. You are viewing the latest version. To view the previous versions, click the version box below.
      Version 2(effective from 26/07/2021 to 01/11/2023)

       

      1) Currency notes issued by the Central Bank shall be of such denominations, designs, and specifications, and bear such features as shall be decided by the Board of Directors. Currency notes shall bear the signature of the Chairman of the Board of Directors.

      2) The Board of Directors shall determine the weight, composition, mix ratios, allowed variation, and all other specifications of Currency coins as well as the quantities of each denomination to be minted.

      3) The Central Bank shall make necessary arrangements for printing of Currency notes referred to in item (1) of this article, and minting of Currency coins referred to in item (2) of this article, along with all matters relating to such printing, minting and safekeeping of such Currency notes and coins and the relative plates and dies.

      4) The Central Bank shall publish decisions to issue Currency by the specifications, designs and all other features, in the Official Gazette.

       

      Version 1(effective from 31/10/2018 to 26/07/2021)

       

      1) Currency notes issued by the Central Bank shall be of such denominations, designs, and specifications, and bear such features as shall be decided by the Minister upon the proposal of the Board of Directors. Currency notes shall bear the signature of the Minister and the Chairman of the Board of Directors.

      2) The Minister shall, upon proposal of the Board of Directors, determine the weight, composition, mix ratios, allowed variation, and all other specifications of Currency coins as well as the quantities of each denomination to be minted.

      3) The Central Bank shall make necessary arrangements for printing of Currency notes referred to in item (1) of this article, and minting of Currency coins referred to in item (2) of this article, along with all matters relating to such printing, minting and safekeeping of such Currency notes and coins and the relative plates and dies.

      4) The Central Bank shall publish decisions to issue Currency by the specifications, designs and all other features, in the Official Gazette.

       

    • Article (58) Gold & Silver Coins and Commemorative Coins

       

      1)The Board of Directors shall determine conditions for sale and purchase of gold and silver coins at the Central Bank.

      2)The Central Bank may issue commemorative Currency notes or coins for any wishing party, in accordance with the rules and conditions set by the Board of Directors.

      3)The Board of Directors shall determine the denominations, fineness, and weights, measurements, allowed variation, and all other specifications of gold and silver coins, as well as the quantities of each denomination to be minted.

      4)The Central Bank shall make necessary arrangements for minting of gold and silver coins referred to in this article, along with all matters relating to such minting and safekeeping of such coins and the relative plates and dies.

       

      This article has been amended by Decretal Federal Law No. (09) of 2021. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 31/10/2018 to 26/07/2021)

       

      1) The Board of Directors shall determine conditions for sale and purchase of gold and silver coins at the Central Bank.

      2) The Central Bank may issue commemorative Currency notes or coins for any wishing party, in accordance with the rules and conditions set by the Board of Directors.

      3) The Minister shall, upon proposal of the Board of Directors, determine the denominations, fineness, and weights, measurements, allowed variation, and all other specifications of gold and silver coins, as well as the quantities of each denomination to be minted.

      4) The Central Bank shall make necessary arrangements for minting of gold and silver coins referred to in this article, along with all matters relating to such minting and safekeeping of such coins and the relative plates and dies.