asked the Minister for Finance in view of the international expert and academic opinion that exchange controls are largely ineffective and the general overseas moves towards a relaxation of exchange controls, if he will give serious consideration to liberalising Irish exchange control laws; and if he will make a statement on the matter.
Written Answers. - Exchange Controls.
117.
The exchange controls are intended to help safeguard the external reserves and to regulate the effects of capital movements on the Irish pound in the EMS framework. The operation of the controls is kept under regular review by my Department and the Central Bank and relaxations are introduced where possible. However, our still large balance of payments deficit and high external indebtedness do not suggest that there is any scope at present for significant new relaxations.