Under the authority of the Exchange Control and Central Bank Acts, the Central Bank is responsible for management of the domestic foreign exchange market. The Central Bank licenses and regulates the financial institutions that conduct foreign exchange transactions. Collectively, these institutions are referred to as the “authorised dealers” in the domestic foreign exchange market. The Central Bank may intervene in the foreign exchange market to contain undue volatility in the exchange rate. Interventions typically involve the sale of foreign currency to authorised dealers to meet excess demand but may also include the purchase of foreign currency from the authorised.