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Previous ministerial directions

Information on previous directions from the Minister of Finance to intervene in the foreign exchange market.

In March 2020, the Minister for Finance directed us to transact in the market for foreign exchange if necessary to address problems in market functioning. The direction was issued because we were concerned there could be foreign exchange market dysfunction due to the COVID-19 outbreak and the risk it presented to the global and domestic economy. The 2020 ministerial direction revoked a previous 2004 ministerial direction.

In December 2020, the Minister of Finance revoked the March 2020 ministerial direction as the risks that the direction addressed were no longer in evidence.

In March 2004, the Minister of Finance directed us to transact in the market for foreign exchange if necessary to prevent or resolve market dysfunction. You can find supporting information relating to this 2004 direction in our related publications section below.