Partial Release of Sterling Balances
Rec. 10.30 p.m. LONDON, Aug. 14. Britain has agreed to release £35,000,000 of India’s sterling balances, plus £30,000,000 for a working balance, says Reuter’s. The Treasury nas issued the text of an agreement providing that the Indian Reserve . Bank £1,160,000,000 sterling assets will be transferred to a “ Number Two Account ” at the Bank of England. India can draw on her sterling balance to pay for the voluntary repatriation of British-owned assets in India and will not restrict the remittance of savings owned by Britons returning from India. The agreement covers the period July 15, 1947, to December 31, 1947, and embraces the whole of India, including India and Pakistan. India, like Iraq, with which Britain has also just concluded a sterling agreement, remains in the sterling area. The Iraq agreement will be published shortly. It regularises the use of Iraq’s ‘balances over a five-year period. The Treasury came near to negotiating a five-year agreement in respect of the Indian balances, but India and Pakistan at this stage found it too early to decide their long-term future policy.
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Otago Daily Times, Issue 26540, 15 August 1947, Page 5
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182Partial Release of Sterling Balances Otago Daily Times, Issue 26540, 15 August 1947, Page 5
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