Chapter 3 Chapter 3 Currency
Article (13) Unit of Currency
The standard unit of currency in the Kingdom is the Bahraini Dinar.
The Dinar is divided into 1,000 fils.
Article (14) Currency Issue(a) The Central Bank is the exclusive authority to issue currency in the Kingdom.
No other person shall issue banknotes, coins, bills or warrants, payable to bearer upon demand, that have the appearance of currency or may be interpreted as currency.(b) Currency issued by the Central Bank shall be in such denominations, forms, specifications and designs as approved by the Board and published in the official Gazette.(c) Currency notes issued by the Central Bank shall be legal tender for the full value thereof. Coins shall be legal tender for their nominal value up to five (5) Bahraini Dinars. However, the Bank shall accept all currencies tendered without limitation.(d) The Central Bank shall reissue and replace currency without levying any fees or commission.
Article (15) Production of Notes and Coins(a) The Central Bank shall be solely responsible for the printing of bank notes and minting coins and all matters incidental to the production of the Central Bank's notes and coins.(b) The Central Bank shall make the necessary arrangements for the storage of stocks of unissued and returned currency, for the safekeeping of the dies and plates of issued currency and for the destruction of currency and of dies and plates of currency no longer in circulation.
Article (16) Withdrawal of Currency From Circulation(a) The Central Bank may withdraw any currency it has issued against payment of the face value thereof by publishing a notice to that effect in the Official Gazette and two local daily newspapers, one published in English and the other in Arabic language.(b) A notice for withdrawal of currency shall specify the following:1. The currency to be withdrawn.2. A period of a minimum of thirty days during which the relevant currency can be surrendered.3. Any additional conditions regarding such withdrawal.(c) After the end of the Surrender Period any currency to which the notice applies shall cease to be legal tender.(d) Without prejudice to the preceding paragraph, the Central Bank may, in a notice published under paragraph (a) of this Article, allow the payment of the face value of such withdrawn currency at its discretion.
Article (17) Redemption of Currency in Circulation(a) The Central Bank shall redeem currency in circulation without levying any charge or commission.(b) The Central Bank may issue regulations specifying the conditions for redemption of damaged, torn or mutilated currency and the recovery of the face value thereof in whole or in part.(c) No person shall have the right to redeem or recover from the Central Bank the value of lost or stolen currency.