• Short Summary

    Finance Ministers of West Germany, Britain and France held a three-hour meeting in Paris on Friday (9 Feb) in a search for a joint programme to solve the dollar crisis that has thrown world currencies into disorders in the past week.

  • Description

    Finance Ministers of West Germany, Britain and France held a three-hour meeting in Paris on Friday (9 Feb) in a search for a joint programme to solve the dollar crisis that has thrown world currencies into disorders in the past week.

    In Frankfurt, dollar sales on the foreign exchange market reached a record on Friday when the Central Bank was forced to buy about 1,9000 million United States dollars.

    West germany and Japan -- which also has been hit by the dollar crisis -- are among countries considering closing their foreign exchange markets on Monday to help control the sale of dollars.

    The world currency crisis was sparked more than two weeks ago when Italy introduced a two-tier currency market which kept the dollar at an officially-pegged level while subjecting speculative money to the law of supply and demand.

    Switzerland's decision to float its franc a day later caused speculators to pour unwanted dollars into the Deutschmark. Currency and credit controls failed to slacken the dollar flood, with the result that West Germany has been forced to spend thousands of millions of marks to maintain the dollar at its officially-fixed minimum.

    A decision is expected over the weekend on whether to let European currencies float, to operate a two-tier market, to revalue, or to introduce even more stringent currency controls.

    SYNOPSIS: The Stock Exchange in Frankfurt... scene of intensive activity by foreign currency speculators during the past week as the Untied States dollar crisis grows. It culminated last Friday in the Central Bank being forced to buy in a record ene-thousand-sine-hundred-million United States dollars to maintain the present official exchange level.

    The crisis was specked more than two weeks ago when Italy introduced a two-tier currency market to protect its own currency against unwanted dollars. One day later Switzerland decided to float, its force, causing speculators to porus unwanted dollars into the Deutschmark, despite credit and currency controls.

    In an effort to find a joint programme to solve the growing crisis, fiance ministers of West Germany, Britain and France held a three-hour meeting in Paris on Friday. A decision is expected to be released over the weekend on whether to let European currencies float, to operate a two-tier market, to revalue, or-to bring in more stringent currency controls. Meanwhile, in Tokyo, banking sources fear they may to the next target for speculators trying to unload unwanted dollars for the powerful yen

  • Tags

  • Data

    Film ID:
    VLVA2LUSPV27R0FYHZ4MB0D7PFFMP
    Media URN:
    VLVA2LUSPV27R0FYHZ4MB0D7PFFMP
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    09/02/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:25:00
    Time in/Out:
    /
    Canister:
    N/A

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