BANKING (FOREIGN EXCHANGE) REGULATIONS

VARIATION OF DIRECTION RELATING TO FOREIGN CURRENCY TRANSACTIONS AND TO THE FEDERAL REPUBLIC OF YUGOSLAVIA

VARIATION OF VARIATIONS OF EXEMPTION

The Reserve Bank of Australia pursuant to Regulation 5 and sub-regulation 38(2) of the Banking (Foreign Exchange) Regulations hereby varies:

1. the Direction Relating to Foreign Currency Transactions and to the Federal Republic of Yugoslavia dated 5 April 2002 in the form published in the Commonwealth of Australia Gazette No. GN 20, 22 May 2002;
2. the Variation of Exemption dated 4 October 2007 in the form published in the Commonwealth of Australia Gazette No. GN 40, 10 October 2007, relating to sub-regulation 6(1) of the Regulations; and
3. the Variation of Exemption dated 17 October 2001 in the form published in the Commonwealth of Australia Gazette No. GN 42, 24 October 2001, relating to sub-regulation 8(1)(a) of the Regulations

so that the Direction and Variations of Exemption no longer apply to:

(i)           the Embassy of the Federal Republic of Yugoslavia;  or

(ii)         the Consulate‑General of the Federal Republic of Yugoslavia;  or

(iii)      Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie).

The variations contained in this instrument come into operation on 9 July 2008.

Dated at Sydney this 4th day of July 2008.

For and on behalf of the Reserve Bank of Australia,

Glenn Stevens

Governor