Chapter IV : General and Transitional Provisions

 

Article 101:

  1. With effect from the date of coming into operation of the provisions of Chapters I and II of this Law, currency notes and coins issued by the Kuwait Currency Board shall be deemed to be the liabilities of the Central Bank, and such notes and coins shall, for all purposes, be regarded as notes and coins issued by the Central Bank.
  2. The Central Bank shall take over from the Kuwait Currency Board all stocks of currency notes and coins that have not been put onto circulation.
  3. The Central Bank may put the notes and coins of the Kuwait Currency Board into circulation as notes and coins of the Bank.

Article 102:

  1. With effect from the date of coming into operation of Chapters I and II of this Law, the Kuwait Currency Board shall transfer to the Central Bank gold and foreign exchange assets equal in value to the currency liabilities taken over by the Bank. Should the assets of the Kuwait Currency Board be insufficient for this purpose, the deficiency shall be made good by the Government.
  2. Any surplus held by the Kuwait Currency Board, after setting all outstanding commitments, shall be transferred to the General Reserve Fund provided for in Article (17) of this Law.
  3. Gold and foreign exchange assets transferred under the terms of this Article shall be valued in the manner laid down in Article (47) of this Law.

Article 103 :

As an exception to the provisions of Article (46) of this Law, the first fiscal year of the Central Bank shall begin as from the date of coming into operation of the provisions of Chapters I and II of this Law, and shall end when the fiscal year ends. If this period is less than six months, the annual reports which the Governor is required to submit under the provisions of Article (50) shall be submitted at the end of the following fiscal year.


Article 104:

Amiri Decree No. (41) of the year 1960 concerning the Kuwait Currency Law and the Decrees amending it shall be replaced as from the date of coming into operation of Chapters I and II of this Law, and the Kuwait Currency Board shall be liquidated after it has submitted its Statement of Accounts and Report for the last accounting period, and after it has settled all its previous commitments.


Article 105 :

The Minister of Finance shall issue the decisions required for the implementation of this Law.


Article 106 :

The Ministers - each insofar as he is concerned - shall put this Law into force, and it shall be published in the Official Gazette. An Amiri Decree shall be issued fixing the date of enforcement of this Law in whole or in part.



Amir of the State of Kuwait


SABAH AL-SALIM AL-SABAH


Issued on 4 Rabi'II, 1388 A.H., corresponding to 30 June 1968 A.D.