Heavy Drain On South Africa’s Gold Reserves
(10.30 a.m.) PRETORIA, Dec. 17. South Africa's gold reserves might drop below the minimum prescribed by the law, said the governor of the South African Reserve Bank, Dr. M. H. de Kock. He added that the reserve requirements might have to be suspended. Ten million dollars were drawn from the International Monetary Fund because of the possibility that the gold reserves might drop. It was not anticipated that the suspension of the minimum reserve would be found necessary for any length of time—if at all. He added that as soon as the full effect of import control was felt the drain on gold should stop.
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Gisborne Herald, Volume LXXV, Issue 22823, 18 December 1948, Page 5
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112Heavy Drain On South Africa’s Gold Reserves Gisborne Herald, Volume LXXV, Issue 22823, 18 December 1948, Page 5
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