CURRENCY PANIC IN BERLIN
REFORM PLAN DENIED BY RUSSIANS (Rec. 10 p.m.) LONDON, Feb. 20. “Rumours of impending Russian zone currency reforms caused financial panic in Berlin, bringing the value of the Russian-backed Eastern deutschmark down by a half,” says the British United Press correspondent in Berlin. “The official Western sector currency exchanges are offering six Eastern marks for one Western mark. Some black market operators are givii as much as 10 to one. The ratio between the two currencies had previously been fairly stable at 3-5 for one. “An official of the Soviet Information Bureau denied that a new currency reform was about to be introduced in the Soviet sector of Berlin. The Soviet-licensed German news agency said that hundreds of thousands of Berlin workers were cheated of millions of marks by the Eastern mark slump. It blamed the British Military Government for the slump, alleging that it had used the Britishcontrolled newspaper ‘Die Welt’ to spread false news about a coming Russian zone currency reform.”
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Press, Volume LXXXV, Issue 25734, 21 February 1949, Page 7
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167CURRENCY PANIC IN BERLIN Press, Volume LXXXV, Issue 25734, 21 February 1949, Page 7
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