ECONOMIC RECOVERY
FRENCH MINISTER’S PLANS PARTIAL DEVALUATION OF THE FRANC N.Z.P.A. Special Correspondent LONDON, Aug. 3. The Paris correspondent of the Financial Times says it now appears certain that the plans of the new French Finance Minister, M. Paul Reynaud, for the economic rehabilitation of France include partial devaluation of the franc. France’s gold reserves and overseas balances are now practically Exhausted, and Marshall aid allocations will be insufficient to cover her needs. M. Reynaud is expected to try to stop France’s most pressing economic problems by' a series of measures designed, first, to stimulate export trade; secondly, to curtail imports of non-essential goods; thirdly, to obtain additional credits from abroad; fourthly, to stimulate repatriation of French-held assets abroad.
He is also expected to initiate discussions with interested foreign Governments with a view to partial devaluation of the franc This would include the inclusion of all important currencies, including sterling, in dealings on the free market, which are at present restricted to the American dollar, the Swiss franc, and the Argentinian escudo.
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Bibliographic details
Otago Daily Times, Issue 26842, 5 August 1948, Page 5
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172ECONOMIC RECOVERY Otago Daily Times, Issue 26842, 5 August 1948, Page 5
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