EGYPT’S BLOCKED STERLING
Release Speeded By Britain (Rec 8 p.m.) LONDON. August 33. Britain will speed up the release of Bprpt's sterling balances lodged at the bank of England under the terms <rf a new British-Egyptian agreement signed in Cairo today. Under the new- agreement, which amends and extends the existing sterling release agreement of 1951. Britain will release to Egypt £20,000,000 a year between 1955 and 1960 inclusive. Annual releases under the old agreement between 1952 and 1954 have amounted to a little more than £15,000.000.
Under the new agreement all sterling balances will have been released ' to Egypt bv 1963. Britain has so * far released £15,000,000 sterling to Egypt this year. A further £5,000.000 sterling will be released next Friday. In 1961 and 1962 Britain will release £10.000.000 sterling annually to Egypt and the outstanding balance will be released on January 1. 1963. Britain will then have made available tn Egypt all of the £350.000.003 blocked in the Bank of England when Egypt left the sterling area in 1947.
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Bibliographic details
Press, Volume XCII, Issue 27752, 1 September 1955, Page 11
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171EGYPT’S BLOCKED STERLING Press, Volume XCII, Issue 27752, 1 September 1955, Page 11
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