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Article (60) Currency Coins

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

1) Currency coins of various denominations shall be put into circulation by a Board of Directors decision specifying their respective quantities. This decision shall be published in the Official Gazette and communicated to the public through appropriate media.

2) Any denomination of the Currency coins referred to in item (1) of this article may be withdrawn, by a decision of the Board of Directors, against payment of their face value. Such decision shall be published in the Official Gazette and communicated to the public through appropriate media.

3) The withdrawal decision shall specify the time limit for exchange, which shall not be less than six (6) months from date of publication of the decision in the Official Gazette.

4) Currency coins not exchanged prior to expiry of the period referred to in item (3) of this article shall cease to be legal tender and may not be negotiated and must be taken out of circulation and their value shall be credited to a special Central Bank account.

5) Should Currency coins lose their features, become deformed, diminished or changed in shape for any reason other than normal use, the Central Bank must withdraw such coins from circulation without compensating their holders.

Article (60 bis)

Digital Currency

  1. Board of Directors shall issue a resolution to introduce national digital currency into trading and to withdraw the same when its face value is paid. Such resolution shall be published in the Official Gazette and shall be announced to the public in appropriate media.
  2. The Bank shall not be responsible to refund the value of any digital currency that is missing, stolen or manipulated. The Bank shall not accept any counterfeit currency or pay its consideration.

     


Article (60 bis) has been added in accordance with the Decretal Federal Law No. (54) of 2023.