“FUNK” MONEY BAN
CAPITAL FROM BRITAIN SOUTH AFRICA PERTURBED PRETORIA, March 18. An exchange control order from the South African Reserve Bank and the commercial banks, to operate immediately, bans the acceptance of deposits from sterling areas unless the money is for productivity in South Africa. The onus of proof is on would-be depositors. Both South African and British authorities are perturbed at the vast sums of money coming from Britain. The money is regarded as “funk” money being sent here from Britain because of the fear of a devaluation of sterling.
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Bibliographic details
Gisborne Herald, Volume LXXV, Issue 22621, 26 April 1948, Page 5
Word Count
92“FUNK” MONEY BAN Gisborne Herald, Volume LXXV, Issue 22621, 26 April 1948, Page 5
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