Power to effect derivative transactions

(1) The Bank may, with the approval of the Minister, effect contracts of the kind set out in the Schedule, for the purpose of– (a) managing risks associated with interest rates, currency rates, commodities or other factors of a financial or commercial nature which affect its business or the national financial or commercial interest; or (b) reducing the cost of borrowings and effecting savings. (2) Every contract entered into by the Bank pursuant to sub- section (1), shall be laid by the Minister on the Table of the House of Representatives at its next practicable sitting. (3) The Minister may from time to time by Order published in the Gazette amend the Schedule. (4) Every Order made by the Minister under sub-section (3), shall be laid before the House of Representatives at its next practicable sitting and shall be subject to negative resolution. 26