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Palestine (Currency)

Volume 380: debated on Wednesday 17 June 1942

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asked the Under-Secretary of State for the Colonies whether he is aware that the fluctuations of the English pound necessarily produce unfortunate effects on the economic life of Palestine; and as the Mandatory Power, by closely relating the Palestine pound with a currency foreign to the country impedes the development of its own policy aimed at preparing the mandated territories for the full exercise of their independence, will he consider giving this territory greater autonomy in financial and monetary matters?

I am not aware of any important fluctuations in the value of sterling since the war, and my Noble Friend is in any case satisfied that there would be no gain in stability or otherwise in divorcing the currency of Palestine from that of the country to which in ordinary times the bulk of Palestine's exports are sold.