MEDIA RELEASE No: 90-21 Date: 9 August 1990 Embargo: For Immediate Release

BANKING (FOREIGN EXCHANGE) REGULATIONS:
IMPLEMENTATION OF SANCTIONS AGAINST IRAQ

The Reserve Bank of Australia has today taken steps under the Banking (Foreign Exchange) Regulations to give effect to the resolution of the United Nations Security Council of 6 August 1990 imposing wide-ranging sanctions against Iraq.

From today, the buying or selling of foreign currency and the taking or sending out of Australia of Australian currency by, or the payment to non-resident accounts in Australia of, the Governments of Kuwait or Iraq, their agencies or their respective nationals will be prohibited without the specific approval of the Reserve Bank of Australia. The Reserve Bank will approve transactions with the legitimate Government of Kuwait or its agencies, or where there is evidence of genuine humanitarian needs.

Special arrangements will also be made to allow the normal activities of the Iraqi Embassy in Australia to continue unimpeded.

Applications for approval should be directed to the Manager, International Department, Reserve Bank of Australia, Sydney (Fax No. (02) 551 8000).

Enquiries:
Mr K.M. Hall
Manager, International Department
(02) 551 8402