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Article (42) Opening Accounts and Keeping Balances of Digital Currency

Fed Law 14/2018 Issued on 1/10/2018

First: The Central Bank may open the following accounts:

  1. National or foreign currencies accounts for Licensed Financial Institutions and may take deposits therefrom. The Central Bank may pay or charge interest on such deposits as agreed upon;
  2. Accounts for monetary authorities, other Central Banks, foreign banks, international financial and monetary institutions, Or Arab and international monetary funds. The Central Bank may pay or charge interest on such accounts, and may act as an agent or correspondent for these entities.
  3. Accounts for monetary authorities, other Central Banks, foreign banks, international financial and monetary institutions, as well as Arab and international monetary funds.
  4. The Central Bank may open any other accounts within the limits and subject to the rules and requirements issued by the Board of Directors.

Second: The Central Bank may keep other forms of financial accounts of digital currency whatever its kind within the limits and subject to the rules and requirements issued by the Board of Directors.

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) The Central Bank may open the following accounts:

    a. National Currency or foreign currencies accounts for Licensed Financial Institutions, and accept deposits from them. The Central Bank shall pay or charge agreed interest on such deposits.

    b. Accounts for monetary authorities, other Central Banks, foreign banks, international financial and monetary institutions, as well as Arab and international monetary funds. The Central Bank may pay or charge interest on such accounts, and act as agent or correspondent for these parties.

2) The Central Bank may open accounts with monetary authorities, Central Banks, foreign banks or international financial and monetary institutions, as well as Arab and international monetary funds