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.