British Overseas Debt Repayments
(N.Z.P.A.-Reuter—Copyright) LONDON, Mar. 9. Britain has repaid overseas banks a substantial part of the undisclosed millions of pounds borrowed to bolster the currency during its two years of weakness, the Bank of England said today.
The bank’s statement was made in its quarterly economic bulletin.
On Tuesday, the Finance llinister, Mr James Callaghan, said in Parliament that by December 2, Britain will have repaid the £375 million borrowed from the International Monetary Fund in 1964 under a three-year agreement. The Bank of England statement warns, however, that although many short-term loans have been settled, another 1440 million dollars are due to be repaid by 1970. The bank’s economist forecast that the improvement in overseas trade, the prospect of more export orders, and a
favourable outlook in overseas markets all help to reinforce the expectation that Britain’s balance of payments will move into a surplus this year.
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Press, Volume CVI, Issue 31315, 10 March 1967, Page 13
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150British Overseas Debt Repayments Press, Volume CVI, Issue 31315, 10 March 1967, Page 13
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