• Chapter 8 Chapter 8 Regulations, Resolutions, Directives and Notices

    • Article (37) Regulations and Resolutions

      (a) The Board shall issue Regulations to organize the Central Bank's bids and purchases. Such regulations shall ensure transparency, safeguard the Central Bank's money, enhance honesty and competition based on equal opportunities, and encourage participation in bids and purchases of the Central Bank. In this regard the Central Bank shall not be subject to the law organizing government bids and purchases.
      (b) The Governor shall issue the necessary regulations and resolutions for the implementation of this law, except such regulations and resolutions, which the law clearly states that they are the responsibility of the Board.
      (c) Such regulations and resolutions shall only be valid after they are published in the Official Gazette and may also be published through any other media, including electronic means, to ensure proper circulation.
      (d) Drafts regulations and resolutions shall be publicized through any suitable means to ensure that the addressees are aware of such regulations and are able to comment on them. Such circulars shall include reasonable deadlines for receiving such comments.

      Regulations and resolutions issued under necessity conditions, as determined by the Central Bank, are excluded.
      (e) Before issuing any proposed regulations and resolutions, the Central Bank must review and consider any comments made on them.

    • Article (38) Directives

      (a) The Governor shall issue the necessary directives to ensure the implementation of this Law, any regulations issued in accordance to this Law and the achievement of the objectives of the Central Bank. Such directives shall be legally supported and the intended addressees shall be identified.
      (b) The Governor may issue directives that aim to facilitate the understanding and implementation of this law and any regulations thereof. He may also issue directives regarding other matters, as he deems appropriate to serve the objectives of the Central Bank.
      (c) The directives shall be circulated through the means approved by the Governor. Once circulated to the intended addressees, the directives become binding.