Singapore legislation
Clause 18
Clause 18
Exchange rate
(1)
All issues and redemptions of currency notes and coins by the Board shall be effected at the parity specified in section 12 of this Act.
(2)
The Board shall be entitled —
to charge and levy from any person obtaining currency notes and coins or sterling, or gold or other currencies, a commission at such rate or rates as may, from time to time, be determined:Provided that the commission charged shall be consistent with the Articles of Agreement of the International Monetary Fund;
to determine, from time to time, the minimum sum or sums which a person shall be entitled to lodge with the Board or its agents, as the case may be, for the purpose of obtaining currency notes and coins or sterling or gold or other currencies;
to prescribe the hours of the day during which the Board will issue and redeem currency.
(3)
The amounts of such rate or rates and minimum sum or sums shall be notified in the Gazette by the Board.