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விடல்
MINISTER.
TREASURY
OF STATE
each working day by the Bank of England to the International Monetary Fund for the purposes of Fund transactions ("the average rate") is lower than the average of the sterling/United States dollar rate in London at noon on 4, 5 and 6 September 1973, viz: United States 2.4213 = £1 ("the guarantee rato").
Minimum Sterling Holding
3. The Guarantee is given on condition that official sterling reserves are maintained throughout the period that the provisions of this Declaration are in effect at or above an amount equal to whichever is the lower of the following amounte, namely
(a) the amount necessary to maintain the Minimum
Sterling Proportion fixed for the purposes of the
Sterling Agreement; or
(b) the amount derived by applying the Minimum Sterling Proportion fixed for the purposes of the Sterling Agreement to total official external reserves held at 24 September 1973.
Balances Eligible for Guarantoo
+
4. The guarantee will apply to the balances eligible for guarantee under the Sterling Agreement at the close of business in London on 24 September 1973 or on the last working day of March 1974, whichever are lower. Eligible balances are the balances thus eligible for the guarantee after deduction of forward sales of sterling apart from those in cover of forward
commitments entered into with local residents.
Implementation
5.
(1)
The amount due under the guarantee will be calculsve .
on the basis of the difference between the average rate and il
cuarantee rate.
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CONFIDENTIAL
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