Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (2): Circulation of Counterfeit/Forged) UAE Currency

  1. The official currency of the UAE is the Dirham and the issuance of the currency shall be the exclusive right of the UAE.
     
  2. That right is exercised exclusively and solely by the Central Bank.
     
  3. Article 55 (2) of the Central Bank Law states that “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.”
     
  4. Accordingly, all Licensed Financial Institutions are required to ensure that they do not circulate counterfeit and/or forged notes, at the point of collection or at the point of transaction or by delivery to its account at the Central Bank.
     
  5. If counterfeit and/or forged notes are circulated by the Licensed Financial Institution, whatever the circumstances, whether deliberately, recklessly or negligently, the Licensed Financial Institution will be in violation of Article 55(2) aforementioned.
     
  6. Currency notes or currency coins which are legally in circulation in the UAE but are subsequently withdrawn or replaced, are not counterfeit notes or counterfeit currency coins.
     
  7. Failure to prevent the circulation of counterfeit and/or forged currency will result in a fine of AED 10,000 for counterfeited note and/or currency plus the face value of the currency and/or currency coin.