MEDIA RELEASE No: 91-06 Date: 5 April 1991 Embargo: For Immediate Release

BANKING (FOREIGN EXCHANGE) REGULATIONS
SANCTIONS AGAINST IRAQ

On 9 August 1990, the Reserve Bank of Australia took steps under the Banking (Foreign Exchange) Regulations to give effect to the resolution of the United Nations Security Council imposing wide-ranging sanctions against Iraq. Specifically, from that date, the buying or selling of foreign currency and a range of other financial transactions with the Governments of Iraq or Kuwait, their agencies or their nationals were prohibited unless specific approval was given by the Bank.

The Bank has today repealed the measures imposed on Kuwait on 9 August 1990. Financial dealings with the Government of Iraq, its agencies or nationals remain prohibited without the specific approval of the Reserve Bank of Australia.

Enquiries:
Senior Manager, International Department
(02) 551 8402