Republic Gazette - Law No. 17/2017 - New Monetary Law

---

Tuesday, December 12, 2017 Number 183 REPUBLIC GAZETTE SUMMARY NATIONAL ASSEMBLY Law No. 17/2017 New Monetary Law. SÃO TOMÉ AND PRÍNCIPE

2265 SÃO TOMÉ AND PRÍNCIPE - REPUBLIC GAZETTE No. 183 – December 12, 2017 NATIONAL ASSEMBLY Law No. 17/2017 New Monetary Law Whereas the existence of a national currency constitutes one of the expressions of sovereignty of a State; Whereas further that Decree-Law No. 28/77, published in the Republic Gazette No. 38 on September 22, which approves the Monetary Law, has undergone several amendments over the years, resulting in the partial revocation of many of its articles and justifying an update; Whereas finally, the entry into force of Decree-Law No. 06/2016, dated October 21, which establishes the New Family of Dobra with its own characteristics, namely the reduction in the number of digits and the introduction of a higher denomination banknote, as well as Decree-Law No. 11/2016, dated November 16, which establishes the Conversion Rate from the Current Family of Dobra to the New Family, setting a ratio of 1/1000; The National Assembly decrees, in accordance with paragraph b) of Article 97 of the Constitution, as follows:

Article 1. Monetary Unit The national monetary unit is the DOBRA, abbreviated as Db.

Article 2. Subdivision Unit

1. The subdivision unit of the DOBRA is the CÊNTIMO, with each Dobra corresponding to one hundred Cêntimos.
2. The Cêntimo is abbreviated with the symbol “ct”.

Article 3. Numerical Designation

1. Values in Dobra, when expressed in numerals, must have a comma separating the integer part from the decimal part.
2. When the value in Dobra is expressed in numerals and the abbreviation Db is to be used, it must precede the numerals representing the value in DOBRA.
3. For values expressed solely in cêntimos, the abbreviation “ct” must follow the numerals.

Article 4. Denominations

1. The DOBRA is materially represented by banknotes and metallic coins.
2. The banknotes referred to in the preceding paragraph have the following face values: a) Five Dobras ……..… Db 5,00 b) Ten Dobras ………… Db 10,00 c) Twenty Dobras ……….. Db 20,00 d) Fifty Dobras …. Db 50,00 e) One Hundred Dobras …….… Db 100,00 f) Two Hundred Dobras …. Db 200,00
3. The metallic coins referred to in paragraph one have the following face values: a) Ten cêntimos ………... 10 ct b) Twenty cêntimos …….… 20 ct c) Fifty cêntimos … 50 ct d) One Dobra ………. Db 1 e) Two Dobras …..… Db 2

Article 5. Monetary Emission The amount of monetary emission, that is, the volume of fiduciary circulation, is subject to the rules established in accordance with the Organic Law of the Central Bank of São Tomé and Príncipe.

2266 SÃO TOMÉ AND PRÍNCIPE - REPUBLIC GAZETTE No. 183– December 12, 2017 Article 6. Legal Tender

1. The banknotes and metallic coins of the Dobra have mandatory legal tender within the national territory.
2. For the purposes of the preceding paragraph, legal tender is the capacity that banknotes and coins have to be used as a means of payment in a given territory, where their acceptance at face value is mandatory.

Article 7. Discharge Power

1. Banknotes have unlimited discharge power in the country, in accordance with the Organic Law of the Central Bank of São Tomé and Príncipe.
2. The discharge power of coins is limited in that no one can be compelled to accept for payment more than 250 coins of any single denomination.

Article 8. Contractual Relationship For all relevant purposes, the New Family of Dobra is considered to apply to legal provisions and public or private documents that mention the Current Family of Dobra.

Article 9. Withdrawal of Circulating Banknotes It is the responsibility of the Central Bank of São Tomé and Príncipe to define the conditions under which torn, mutilated, or deteriorated banknotes must be exchanged.

Article 10. Exit of Dobra from National Territory The exit of banknotes and coins of the Dobra from the national territory is subject to limits imposed by legislation to be defined by the Central Bank of São Tomé and Príncipe.

Article 11. Offences and Crimes

1. The following constitute criminal matters, without prejudice to other legal provisions, namely: a) Acts of mere attempt to counterfeit or alter the characteristics of issued banknotes and coins, as well as mere connivance with such acts; b) Acts of issuing, passing, and using banknotes and coins counterfeited by others in payments, where the parties involved have knowledge of this fact; c) Acts aimed at the illegal entry and exit of national currency from the country. d) All other aspects set forth in the Organic Law of the Central Bank of São Tomé and Príncipe regarding this matter.
2. All other acts provided for in the Penal Code or special legislation relating to this matter are also punishable.

Article 12. Revocation Provision The Monetary Law, approved by Decree-Law 28/77 and published in the Republic Gazette No. 38 on September 22, with amendments introduced by Decree-Law 19/97 of August 4, is hereby revoked, as well as all legislation contrary to the provisions of this instrument.

Article 13. Entry into Force This Decree-Law enters into force according to legal provisions.

National Assembly, in São Tomé, on the 22nd day of November 2017. - The President of the National Assembly, José da Graça Diogo. Promulgated on December 8, 2017. Let it be published.- The President of the Republic, Evaristo do Espírito Santo Carvalho.

2267 SÃO TOMÉ AND PRÍNCIPE - REPUBLIC GAZETTE No. 183 – December 12, 2017 REPUBLIC GAZETTE NOTICE Correspondence regarding the publication of announcements in the Republic Gazette, its subscription or lack thereof, shall be addressed to the Information and Reprography Center of the Ministry of Justice, Public Administration and Human Rights – Phone: 2225693 - P.O. Box No. 901 – E-mail: cir@cstome.net São Tomé and Príncipe. - S. Tomé.