Extract from the minutes of a meeting of the Cabinet
'Devaluation of Sterling: Consequential measures'
(GC 5/119) (Item 1) (S11169)

Following consideration of the situation created by the British Government's decision to devalue sterling in terms of United States dollars, which was communicated to the Taoiseach by the British Representative in Dublin on the 17th September, 1949, in a message from the British Prime Minister,² it was decided, on the recommendation of the Minister for Finance,

1. that an equivalent devaluation of the Irish pound in relation to the United States dollar should be allowed;
2. that, in exercise of the powers conferred on him by the Exchange Control Order, 1947, the Minister should issue to the Banks and to other authorised dealers in currency, carrying on business in the State, such directions as were necessary to secure
   • the temporary suspension of dealings in foreign currencies,
   • the resumption of dealings in United States dollars, at the new rates, on Tuesday, the 20th September, 1949, and
   • the resumption of dealings in foreign currencies, other than United States dollars, as soon as the necessary information as to the altered rates of exchange became available; and
3. that the minister should issue for publication a statement in the terms of the annexed Schedule.³