Lira Exchange Rate Worries Financiers
(Rep. 1.30 p.m.) LONDON, July 23. Financial circles are taking a critical view of the. exchange rate of 400 lire to the £ fixed for Sicily, and, inferentially, for the whole of Italy, says the Associated Press. The majority of opinion, though admitting the absence of reliable yardsticks in these days of price control and rationing, holds that the military authorities have committed themselves to excessive devaluation of Italian currency, and have thereby lent gratuitous support to the Axis propaganda that Allied successes would inflict a form of financial victimisation on Italy and rob the Italians of the bulk of their savings. Military authorities enjoy the guidance of experts, who are reported to include a good sprinkling of city bankers. Playing Into Axis Hands Detached opinion senses a danger that in the fixing of exchange rates, broader political and military implications may be neglected, and by under-valuing local currencies, the Allies may duly encourage a continuance cf resistance, and expose themselves to charges of emulating German devices for bleeding occupied countries.
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Northern Advocate, 24 July 1943, Page 3
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175Lira Exchange Rate Worries Financiers Northern Advocate, 24 July 1943, Page 3
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