IMPORTATION OF AMERICAN GOODS (Purchase of American currency in Hong Kong)

Mr R. Jumabhoy asked the Financial Secretary if he is aware that Singapore firms, which import American goods through Hong Kong, usually arrange through banks in Singapore for the purchase of the necessary American currency in Hong Kong; and whether this procedure is sanctioned by the Controller of Foreign Exchange, and how.

Mr Hart: No, Sir, I am not aware of this practice. It is not sanctioned by the Controller.