18 Power of Minister to fix exchange rates for foreign exchange dealing by Bank

(1)

Subject to this section, the Minister may from time to time, by notice in writing to the Bank,—

(a)

direct that all foreign exchange dealing by the Bank shall be at rates of exchange, or within a range of rates of exchange, specified by the Minister in the direction:

(b)

direct the Bank to deal in foreign exchange at those rates or within that range of rates with such persons or class or classes of persons as may be specified by the Minister in the direction.

(2)

Notwithstanding sections 16 and 17, the Bank shall, on receiving a direction under this section,—

(a)

conduct its foreign exchange dealing at the rates, or within the range of rates, specified:

(b)

deal in foreign exchange at those rates, or within that range of rates, with such of the persons or class or classes of persons specified in the direction as may require the Bank to do so.

(3)

The Minister may from time to time, by notice in writing to the Bank, vary or revoke any direction given under subsection (1).

(4)

The Minister shall not give a direction under subsection (1) unless the Minister has been authorised to do so by the Governor-General by Order in Council within 30 days before the direction is given and a separate authorisation shall be required for each separate occasion on which a direction is given.

(5)

The Minister shall give notice in the Gazette of the fact that a direction has been given and that a direction has been revoked.