CONVERTIBLE CURRENCY
“Sterling Leading The Move”
(N.Z. Press Association—Copyright) (Rec. 11 p.m.) WASHINGTON, July 22. Mr Harold Stassen, the Foreign Operations Administrator said today that Europe had increased trade so substantially in the last year that he expected that limited convertibility would come within a year.
, C ° A l\ blllty may come sooner, or it may take a little longer, Mr Stassen said at a press conference. “It all depends on whether the economic factors ahead are as favourable as they have been m the last few months”
Mr Stassen said that sterling, as the key trade currency, was leading the move towards convertibility.
ex P e cted that the first major step toward full ceiivertibility would be agreement to non-resident convert!binty, leaving a check on the movement of capital amounts from country to country as the only remaining restriction.
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Press, Volume XC, Issue 27410, 24 July 1954, Page 7
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140CONVERTIBLE CURRENCY Press, Volume XC, Issue 27410, 24 July 1954, Page 7
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