UAE to cash in with newly minted coins

Move is intended to combat shortage of coins in shops.

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By  David Robinson Published  May 11, 2005

The UAE will receive a new consignment of Canadian-minted coins this month. The move is intended to end the shortage of coins in shops. Officials at the UAE's Central Bank were quoted in local media as saying all coin shortages would be over by the end of this month. Rashid Al Fandi, the Central Bank's executive director for banking operations, said problems had arisen because the use of coins had recently increased "dramatically". New copies of all six coins that are legal tender in the UAE 1fil, 5fils, 10fils, 25fils, 50fils and Dh1 have been made by the Canadian Royal Mint. The first shipment of coins has already arrived and another one is due to arrive in the country next week. They will look the same as the coins in circulation. The shipment will cover the needs for the next five years, said Fahad Al Hosani, the Central Bank's assistant executive director.

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