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

The Government have considered the situation arising out of the devaluation of sterling in terms of United States dollars. In light of the economic circumstances of this country, they have decided that the course of least disadvantage is to allow an equivalent devaluation of the Irish pound in relation to the United States dollar. This decision means that there will be no disturbance of the parity between the Irish pound and sterling provided for by the Currency Act, 1927, and the Central Bank Act, 1942, and the Irish pound will continue to be exchangeable freely with the pound sterling.

To afford time for the arrangements necessary to give effect to the new exchange rates with the U.S. dollar and such other foreign currencies as may not be devalued in line with sterling, dealings in foreign currencies by all bank offices and travel agencies have been temporarily suspended. It is expected that it will be possible to resume dealings in United States dollars at the new rates on Tuesday, 20th instant, and in other foreign currencies either on that day or after a short interval. Banks will be open as usual tomorrow (Monday).