Commonwealth Consolidated Acts

INTERNATIONAL MONETARY AGREEMENTS ACT 1947 - SECT 5A

  (1)   The Treasurer may give the Reserve Bank a written direction:

  (a)   to buy special drawing rights from the Commonwealth for an amount equal to the value of the rights; or

  (b)   to sell special drawing rights to the Commonwealth for an amount equal to the value of the rights; or

  (c)   to buy special drawing rights from the governments of other countries, the Fund or other institutions, authorities or persons for an amount equal to:

  (i)   the value of the rights; or

  (ii)   an amount that is the equivalent of that value in the currency of a country other than Australia; or

  (d)   to sell special drawing rights to the governments of other countries, the Fund or other institutions, authorities or persons for an amount equal to:

  (i)   the value of the rights; or

  (ii)   an amount that is the equivalent of that value in the currency of a country other than Australia.

  (5)   An instrument giving directions under subsection   (1) may contain such incidental or supplementary directions as the Treasurer thinks necessary.

  (6)   Amounts from time to time payable by the Commonwealth for special drawing rights sold to it by the Reserve Bank under this section are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.