GERMAN CURRENCY PARTLY CANCELLED
FRANKFURT, Oct. 1. Seven out of every 10 marks held in \ blocked Deutschemark accounts since the Western zones' currency reform in June will be cancelled under a new law. The British, French and American military governors have agreed that two marks out of 10 held in these accounts blocked since the conversion of holdings of old reichmarks will be transferred to a corresponding free account. One other mark in 10 will be made available for investment in medium and long-term securities.
An official communique stated that in view of the favourable increase in production it was felt that the release of the entire amount of blocked accounts was unnecessary as adequate currency and credit appeared available.
The total amount to be made available for investment will be about 500,000,000 deutschemarks.
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Gisborne Herald, Volume LXXV, Issue 22759, 4 October 1948, Page 5
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134GERMAN CURRENCY PARTLY CANCELLED Gisborne Herald, Volume LXXV, Issue 22759, 4 October 1948, Page 5
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