1 The Exchange Equalisation Account.

1

There shall continue to be an account called the Exchange Equalisation Account (in this Act referred to as “the Account”).

2

The Account shall continue to be under the control of the Treasury.

3

The Account is to be used—

a

for checking undue fluctuations in the exchange value of sterling;

b

for securing the conservation or disposition in the national interest of the means of making payments abroad;

c

for the purpose specified in section 1(3) of the M1International Monetary Fund Act 1979 (payment of charges under section 8 of Article V of the Articles of Agreement of the International Monetary Fund); and

d

for carrying out any of the functions of the Government of the United Kingdom under those of the said Articles of Agreement which relate to special drawing rights.