Important ‘Sterling Transfer’ Agreement
(Rec. 1.30 p.m.) LONDON, June 13. Britain and Argentina have reached an agreemnt whereby the “transferable sterling” system will operate as it does between Britain, Canada, Newfoundland and Italy, and the Belgian, Dutch and Portuguese monetary areas, says Reuter’s financial correspondent. An agreement will soon be signed to make Norway’s current sterling earnings spendable.
Similar agreements with France, the United Kingdom, Finland, Denmark and Sweden are also ready. It is understood this is regarded in London and the United States yds making excellent progress in advance of the July 15 deadline, when, according to the Anglo-American loan agreement, all sterling currency earited by Britain’s suppliers must become convertible into any currency. Britain’s only stipulation in transferable sterling agreements is that the other country must ensure that any spendings are only for current transactions, not for transfers of capital.
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Bibliographic details
Northern Advocate, 14 June 1947, Page 5
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142Important ‘Sterling Transfer’ Agreement Northern Advocate, 14 June 1947, Page 5
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