ITALY’S GOLD
ADEQUATE RESERVES PRESERVED United Press Association—Bv Electric Telegraph—Copyright (Received March 7, 6.30 p.m.) ROME, March 6. The Italian gold reserves arc valued at £43,700,000 at the current rates. The Grand Fascist Council held a four hours’ sitting and heard the Finance Minister’s report on the country’s economic and financial situation. A communique issued afterwards revealed that the Bank of Italy’s gold reserve on February 20. was 4,021,000 000 lire. This figure the Minister explained, did not xnclude Treasury reserves, consisting of gold given the country ky patriotic citizens last year, and foreign currency and bonds in possession of the Foreign Exchange Institute. Tlz note circulation of the Bank of Italy on February 20 was lire, including 1.500,000 000 lire sent to T V~st Africa “for the Italian Empire’s monetary needs.” The Minister of Finance reclared that the Government would be able to meet all its obligations for ‘he whole of the 1937-8 financial year, without additional oans or extra Treasury operations. Tliis is the first occasion the gold reserve figures have been published since February 20, 1935. The reserve was then 3 936.000,000 lire. The General Fascist Council will again meet on March 8 to discuss Signor Stara/e’s report.
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Bibliographic details
Timaru Herald, Volume CXLIII, Issue 20670, 8 March 1937, Page 9
Word Count
201ITALY’S GOLD Timaru Herald, Volume CXLIII, Issue 20670, 8 March 1937, Page 9
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