1. Where payment of the value of the bill of exchange in the United Arab Emirates is to be made in a currency that is not officially traded therein, the payment shall be made in the national currency according to the rate of exchange prevailing on the maturity day. Where the payment is not effected on the day of maturity, the bearer shall have an option to claim payment of the value of the bill of exchange valuated in the national currency, as per the rate of exchange prevailing either on the day of maturity or on the date of payment. The current custom in the place of payment shall apply for the exchange rate of foreign currency, unless the drawer had fixed in the bill itself the rate on the basis of which the payable sum shall be calculated. 2. The provisions of Clause (1) above shall not apply in the event where the drawer had expressly stipulated that payment of the bill of exchange must be made in the foreign currency specified in the bill itself, subject to the laws pertaining to currency and the control over foreign remittance. 3. Where the value of a bill of exchange is specified in a currency having a common denomination in several countries but a different value in the country of drawing and the country of payment, it shall be assumed to mean the country of payment.
Interpretation and application must be checked against the official text and current version.