FLIGHT OF FRANC
RUMOURS OF FURTHER DEVALUATION United Press Association—By Electric , Telegraph—Copyright (Received January 29 , 6.30 p.m.) PARIS, January 28. Following insistent rumours of further devaluation, a new flight from the franc, involving iieavy forward discounts, has commenced. The French bank rate has been raised from 2 to 4 per cent. The Minister of Finance (M. Vincent Auriol) in a statement said that the Government would not be pushed into devaluation by speculators. Nervousness regarding the franc developed on January 24, when a widening of the discount for forward francs became pronounced, due to persistent reports that the French authorities contemplated pegging the franc at 112 to the £, instead of 105. The franc was fixed at 105 to tiie £ last September, when France went ofl gold and the franc was devalued. STOCK MARKETS DEPRESSED EFFECT OF RISING BANK RATE United Press Association—By Electric Telegraph—Copyright (Received January 29, 5.5 p.m.) LONDON, January 28. The doubling of the French bank rate depressed the stock markets, especially the gold mining section.
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Bibliographic details
Timaru Herald, Volume CXLIII, Issue 20639, 30 January 1937, Page 11
Word Count
168FLIGHT OF FRANC Timaru Herald, Volume CXLIII, Issue 20639, 30 January 1937, Page 11
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