PAKISTAN HAS MADE “FIRM AND FINAL DECISION”

Greymouth Evening Star, 23 September 1949, Page 5

PAKISTAN HAS MADE “FIRM AND FINAL DECISION”

KARACHI, September 22 (Rec. 10.30 a.m.).—Mr Zahid Husain, governor of the State Bank of Pakistan, declared tonight that the Pakistan Government’s decision not to devalue the rupee was “firm and 'final,” Mr Husain, speaking in a nationwide broadcast, said: .“There is no question of going back 1 on it. The Government has made its decision and is determined to abide by it and enforce it.” Pakistan, he said, had no intention of leaving the sterling bloc. On the contrary, it wanted to do all it could to strengthen the sterling bloc’s position, and he believed that in not devaluating it was acting in the’sterling bloc’s best interests. He reiterated the Government’s earlier assertion that Pakistan’s decision was not aimed at any country, much less India. Pakistan-is sending a stronglyworded Note to India, protesting against the devaluation of'the Indian rupee. It was authoritatively stated tonight. .'s Under the India-Pakistan agreement, neither*, contracting. party could change its currency without consulting the. other. . ~ ■. ' Trade with India was at a standstill tonight. The Pakistan banks will open tomorrow after a four-day holiday, but will not transact any business in rupees as arrangements with the Reserve Bank of v India for their purchase and sale have not yet been i completed.