NEW FLIGHT FROM THE FRANC
INSISTENT RUMOURS OF
DEVALUATION
BANK RATE NOW 4 PER CENT
PARIS, January 28,
Following - insistent rumours of further devaluation, a new flight from the franc, involving heavy forward discounts, has begun. The French bank rate has been raised from 2 to 4 per cent.
The Minister for Finance (M. Vincent Auriol) said in a statement tha., the Government would not be pushed into devaluation by speculators, Nervousness about the franc developed on January 24, when a widening of the discount foi forward francs became pronounced, due to persistent reports that the Frencn authorities contemplated pegging the franc at 112 to Qie £, instead oi 105. The franc was fixed at 105 to the £ last September, when France went off gold and the franc was devalued.
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Bibliographic details
Press, Volume LXXIII, Issue 22004, 30 January 1937, Page 13
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129NEW FLIGHT FROM THE FRANC Press, Volume LXXIII, Issue 22004, 30 January 1937, Page 13
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