CURRENCY REFORMS
RUMOURS CAUSE PANIC IN BERLIN Rec. 7.25 p.m. LONDON, Feb. 20. Rumours of impending Russian Zone currency reforms have caused a financial panic in Berlin, bringing the value of the Russian-backed Eastern Deutschmark' down by half, says the British United Press Berlin correspondent. Official Western Sector currency exchanges are offering six Eastern marks for one Western mark. Some blackmarket operators are giving as high as 10 to 1. The ratio between the two currencies has previously been fairly stable at 3.5 for one. An official of the Soviet Information Bureau denied that the new currency reform is about to be introduced in the Soviet sector of Berlin. The Soviet-licensed German news agency said hundreds of thousands of Berlin workers were cheated of millions of marks by the Eastern mark slump. It blamed the British Military Government for the slump, alleging that it used the British-controlled newspaper Die Welt to spread false news about a coming Russian Zone currency reform.
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Otago Daily Times, Issue 27012, 22 February 1949, Page 5
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161CURRENCY REFORMS Otago Daily Times, Issue 27012, 22 February 1949, Page 5
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