NEW FRANC RATE
MR GUTT WELCOMES CHANGE
(Rec. 7 p.m.) NEW YORK, Oct. 17. The new alignment of the franc exchange rate was a move in the right direction towards bringing French financial policies into line with the fund’s principles, said Mr Camille Gut, managing director of the International Monetary Fund. The fund welcomed this latest evidence of the desire of the French Government to restore an orderly system ,of exchange .rates in fulfilment of the principles agreed at Bretton Woods. Although the French Government had not proposed to the fund the fixing of a new par value which would cover all transactions, it had reiterated that its objective remained the fixing of a new stable parity as soon as conditions permitted. It was the intention of the fund and France to continue consultations for this purpose.
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Press, Volume LXXXIV, Issue 25629, 19 October 1948, Page 5
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137NEW FRANC RATE Press, Volume LXXXIV, Issue 25629, 19 October 1948, Page 5
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