Section 49: Without prejudice to section 57 the Bank shall -

(a) make rules regulating foreign exchange market operations; (b) set limits on open foreign exchange positions of financial operations; (c) buy, sell or deal in gold coins or bullion or other precious metals; (d) buy, sell or deal in foreign exchange, using for these purposes, quality financial instruments commonly used by bankers; (e) contract, purchase and market financial instruments, debt obligations rated in one of the two highest rating categories recognised by reputable international credit rating agencies, and other securities issued or guaranteed by foreign central banks, governments or international financial institutions; (f) open and maintain foreign exchange accounts abroad; (g) open and maintain accounts and appoint agents or correspondents to or at foreign central banks, foreign financial institutions and international financial institutions.