MORE COUNTRIES TO DEVALUE CURRENCIES
Received Thursday, 10.15 a.m. LONDON, Sept. 21. Portugal, Luxembourg and the West German Government today
decided tQ devalue their currencies. Portugal devalued the escudo by 15 per cent in relation to the dollar and 20 per cent in relatiqn to the pound sterling. The new offlcial rate is 28 escudos 75 centivos to the dollar or 8 escudos 50 centivos to the pound. The Luxembourg franc will be devalued in the* same way as the Belgian franc. The West German Government decided on plans for the devaluation of the mark to be submitted to the Allied financial advisers. Devaluation will be announced if and when the Allied representatives q.gree. The pound sterling was quoted at 1020" francs on the Paris black market today, compared with 1010 francs yesterday. The official • rate is 980 francs. The chief of the Polytechnic Touring Association, Commander R. G. Studd, today promised that no travel association's tourists | would be left stranded in Europe. He estimated that -60,000 people Holidaying there would have to face the "rigours of the new exchange rates" if they had not already paid for accommodation. He was sure, however, that devaluation would not adversely affeet British holidays abroad in 1950 and later.
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Chronicle (Levin), 22 September 1949, Page 5
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206MORE COUNTRIES TO DEVALUE CURRENCIES Chronicle (Levin), 22 September 1949, Page 5
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