S.I. No. 48/1991:

EXCHANGE CONTROL REGULATIONS, 1991.

EXCHANGE CONTROL REGULATIONS, 1991.

I, ALBERT REYNOLDS, Minister for Finance, in exercise of the powers conferred on me by section 27 of the Exchange Control Act, 1954 (No. 30 of 1954), as continued by the Exchange Control (Continuance) Act, 1990 (No. 35 of 1990), hereby make the following regulations:

1. (1) These Regulations may be cited as the Exchange Control Regulations, 1991.

(2) These Regulations shall come into operation on the 8th day of March 1991.

(3) The Exchange Control Regulations, 1959 to 1990, and these Regulations may be cited together as the Exchange Control Regulations, 1959 to 1991.

2. The Exchange Control Regulations, 1959 ( S.I. No. 44 of 1959 ), shall have effect subject to the following amendments.

( a ) Article 8 shall not apply where the payment made in cash in the State is to or on behalf of a person resident in Iraq;

( b ) Article 9 shall not apply where the purchase is from a person resident in Iraq or is against payment to a person so resident or where the country of origin of the goods is Iraq;

( c ) Article 10 shall not apply where the purchase is from a person resident in Iraq or where the payment is to a person so resident or where the country of origin of the goods is Iraq;

( d ) Article 13 shall not apply where the supply is by a person resident in Iraq or is against payment to a person so resident;

( e ) Article 14 shall not apply where the payment is made to a person resident in Iraq or is in respect of a supply by a person so resident;

( f ) paragraph (a) of Article 19 shall not apply where the traveller is travelling to Iraq;

( g ) paragraph (g) of Article 19 shall not apply to the exportation of foreign currency by an authorised dealer by post to a bank in Iraq.

3. The Exchange Control Regulations, 1990 ( S.I. No. 213 of 1990 ), are hereby revoked.

GIVEN under my Official Seal, this 8th day of March, 1991.

ALBERT REYNOLDS,

Minister for Finance.

EXPLANATORY NOTE.

The Exchange Control Regulations, 1990 amended the Exchange Control Regulations, 1959, by excluding Iraq and Kuwait from the scope of the general exemptions applicable to certain exchange control restrictions. They had the effect of ensuring that Central Bank approval would be required for the transactions concerned, where they involved Iraq or Kuwait, or their residents or currencies. These Regulations revoke the 1990 Regulations but reinstate their provisions in respect of Iraq. Thus, Central Bank approval will no longer be required in respect of transactions involving Kuwait, but will continue to be necessary for transactions involving Iraq or its residents or currency.