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Article (57) Currency Specifications, Features & Denominations

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