asked the Minister for Finance if he will state whether dollars and foreign currencies are now available to the Irish trading community who are anxious to purchase and import specialised raw materials and other goods not procurable in Éire.
Ceisteanna—Questions. Oral Answers. - Foreign Currencies.
Foreign exchange is not freely available for every purpose. Persons wishing to enter into commitments involving foreign currency are obliged by the law to obtain the prior permission of the Minister for Finance for the proposed payments abroad. Each such application is examined on its merits and considerations of amount and purpose are relevant. Favourable consideration is given to applications in respect of raw materials for industry and in respect of goods and services of prior necessity, where the amount involved can be regarded as reasonable and where it is demonstrated that the requirements cannot be met either from home sources or without drawing on foreign exchange.
In the event of the American Legislature endorsing the terms of the Anglo-American loan, will that operate to relax these regulations restricting currency in the hands of Irish nationals who wish to use it in the United States of America for purchasing goods?
As a personal opinion, I would say it would.