Registry No.
SECURITY CLASSIFICATION
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PRIVACY MARKING
DRAFT
To:-
Type 1 +
FROM
G.
Telephone No. Ext.
Department
In Confidence
PRESS NOTICE
STERLING AGREEMENTS
1. The present Sterling Agreements expire on
These have provided a valuable element
24 September.
of stability in the international monetary scene and
HMG considers it to be in the interest of all that
this stabilising element be continued for a further
period. But there is still uncertainty about
developments in international monetary affairs, and
it would not be sensible at present to seek to work
out substantive arrangements for a long period ahead.
HMG has accordingly decided to continue for six
months to guarantee certain official sterling
reserves.
2.
A message has been sent to the participants
informing them of this. The guarantee will be given
in the form of a Government declaration which is
being sent to signatories of Sterling Agreements now
in force. Signatories will be covered by the
guarantee provided that they throughout the period.
of the declaration broadly maintain their sterling
holdings at present levels.
SECRET
13.
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