Decree-Law 15/1977 on issuance of Development Bonds amended

Manama, Sept. 3 (BNA): His Majesty King Hamad bin Isa Al Khalifa today issued Decree-Law 27/2020, amending some provisions of Decree-Law 15/1977 on the issuance of Development Bonds. The decree-law stipulates the amendments of articles (1) and (2) of Decree-Law 15/1977 as follows: Article (1): “The Minister of Finance and National Economy, in agreement with the Central Bank of Bahrain, is authorised to issue, in the Kingdom or abroad, treasury bills and bonds, called “Development Bonds”, and financing instruments compatible with the Islamic Sharia, within the limits of BD15,000 million dinars, according to the provisions of Article (2) of this law.” Article (2): “Treasury bills, development bonds, and financing instruments referred to in the previous article shall carry the name of the bearer, or be registered and negotiable. They shall be amortised within the period specified in the issuance statement. “The Minister of Finance and National Economy, in agreement with the Central Bank of Bahrain, may issue these treasury bills, bonds and financing instruments whether in Bahraini Dinar or in convertible currencies. The Minister may also re-issue the amortised ones, provided that their trade value does not, at any time, exceed BD15,000 million.” The Minister of Finance and National Economy shall implement the provisions of this decree-law, which takes effect the day after its publication in the Official Gazette.