GERMAN EXCHANGE
Special Account Payments TEMPORARILY SUSPENDED Maximum Figure Reached Official Wirelesi.) (Received 13, 12.45 p.m.) RUGBY, Sept. 12. The Treasury announces that the Reichsbank, in accordance with article 2 of the Anglo-German exchange agreement, temporarily has suspended payments into the special account opened by it in the name of the Bank of England.
It will be recalled that the agreement set up machinery to overcome difficulties experienced by German firms in obtaining sterling to pay their debts for imports from Britain. Article 2 of the agreement provides that the payment of marks into a. special account may be suspended when the amount of reichsmarks on that account exceeds 5,000,000, and it is in accordance with this provision that payments into the account have now been temporarily suspended. It is stated that the Bank of England will continue to sell marks and as soon as the balance of the special account at the Reichsbank is reduced below 5,000,000 reichsmarks further payments into the account will be accepted by the German authorities.
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Bibliographic details
Hawke's Bay Tribune, Volume XXIV, Issue 232, 13 September 1934, Page 7
Word Count
171GERMAN EXCHANGE Hawke's Bay Tribune, Volume XXIV, Issue 232, 13 September 1934, Page 7
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