FIGHT FOR FRANC
INCREASED BANK RATE SCHEME A FAILURE (Received April 12, 5.5 p.m.) LONDON. April 11 The French franc remains an urgent problem. The increased bank rate has proved a failure and selling pressure continues. The French Treasury is seeking to negotiate a loan in Amsterdam.
Tho French bank rate was reduced on February 6 from 5 per cent to 3* per cent. The higher rate had been fixed on December 31, 1935. Then, on March 28, the rate was raised again to f, per cent following "bear" attacks on the franc, which that morning reached the gold export point. This was regarded as a further indication of the Government's intention to remain on the gold standard.
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New Zealand Herald, Volume LXXIII, Issue 22392, 13 April 1936, Page 9
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118FIGHT FOR FRANC New Zealand Herald, Volume LXXIII, Issue 22392, 13 April 1936, Page 9
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