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Article (55) Currency Issuance

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