BRITISH RESERVES INCREASE
£1127 Million Held Now
(N.Z. Press Association—Copyright, LONDON, March 3.
Britain’s reserve of gold and convertible currencies rose by £l6 million in February and stood at £1,127 million at the end of the month, the Treasury announced today. The reserves have now increased by £3l million since sterling was made partially convertible two months ago. •With the exception of December, a month dominated by payments of the North American loans, the reserves have now improved every month since the bank rate was raised to 7 per cent, in September, 1957. The reserves were then £661 million.
The September, 1957, figure for the reserves was the lowest since December, 1952. The bank rate now stands at 4 per cent
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Bibliographic details
Press, Volume XCVIII, Issue 28836, 5 March 1959, Page 18
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121BRITISH RESERVES INCREASE Press, Volume XCVIII, Issue 28836, 5 March 1959, Page 18
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