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Sterling Transfers (Foreign Exporters)

Volume 466: debated on Tuesday 28 June 1949

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asked the Chancellor of the Exchequer what action has been taken by His Majesty's Government to ensure that sterling earned by exporters to this country is not used for the purchase of British or sterling area goods by countries other than those authorised to use it under the payments agreement now in force between His Majesty's Government and countries outside the sterling area; and what proportion of sterling liable to this misuse is now covered.

Sterling earned by exporters to this country cannot be properly transferred to persons other than those authorised to use it under the relevant payments agreement without the permission of the Bank of England. So far more than half of the members of the transferable account area have agreed to the limitation of the use of their transferable sterling to direct current transactions.