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(1) The following enactments are hereby repealed and revoked;

(a) The Exchange Control Act, 1961 (Act 71);

(b) Exchange Control (Amendment) Decree 1973 (NRCD 220);

(c) Exchange Control (Amendment) Decree 1977 (SMCD 99);

(d) Exchange Control (Amendment) Law, 1986 (PNDCL 149); and

(e) Exchange Control Regulations, 1961 (L.I.133).

(2) Despite the repeal, of the enactments in subsection (1), a statutory instrument notice, order, direction rules or any other act lawfully made or done under the repealed enactments and in force immediately before the commencement of this Act is considered to have been made or done under this Act and shall continue to have effect until reviewed, cancelled or terminated.