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52 -
(b)
in direct loans
to governments
and
(c)
international organisations such as the IBRD
and the EIB and others which are described by
the organisations as 'private placements'
the time the investment is made;
at
in limited assignment promissory notes, such
·
as Schuldscheindarlehen.
Individual
placements should not exceed USD25
million or the equivalent in other currencies and
the term to maturity should not be longer than 10
years.
General
guidelines
8.
The basic policy criteria should only be used
as a guide and should never be allowed to override a
sensible interpretation of prevailing circumstances.
9.
Funds need not be moved to rectify deviations
from the guidelines in paragraphs 2, 4 and 5 caused
by strengths or weaknesses in security prices or
currency values or both.
10. The personal approval of the Financial Secretary, the Secretary for Monetary Affairs or the
Director, Office of the Exchange Fund is required
for currency exchanges.
11.
to
Other things being equal domestic money market
obligations should be acquired in preference
international Euro-market obligations.
16 April 1992
Office of the Exchange Fund
Monetary Affairs Branch
Government Secretariat
CONFIDENTIAL