With whom Bank may engage in foreign exchange transactions

(1) The Bank may engage in transactions in foreign exchange only with– (a) the Government; (b) banks and other financial institutions; (c) any specified public sector entity; (d) foreign central banks or foreign banking or (e) foreign governments or agencies of foreign governments; and (f) international financial institutions. (2) Notwithstanding, sub-section (1), the Bank, with the approval of the Minister, may engage in transactions in foreign exchange with a specified foreign entity for the purpose of facilitating transactions in foreign exchange with an entity referred to in sub-section (1) (d) or (f). (3) The Minister, when giving approval under sub-section (2), may determine or authorize the Board to determine the terms and conditions under which the Bank may engage in transactions in foreign exchange with the specified foreign entity.” 25