Word: fund
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...Investment. As its answer to question 3, the fund ended fiscal 1957 with a currency-supporting record that topped the entire previous total of business in its ten-year career. To halt a run on sterling in the Suez crisis, the fund gave the United Kingdom a dollar loan of $561.5 million and stand-by credit of $739 million, its biggest single deal to date. The fund gave temporary first aid to the slumping reserves of countries "with rather ambitious development programs" (Argentina, Denmark, France, India, Japan, The Netherlands). It eased seasonal trade deficits in countries with only one major...
Having poured out a total $1.47 billion in loans and $874 million in stand-by credits, the fund's liquid resources had been cut by 50% to $1.55 billion in a single year. It was time, suggested Director Jacobsson, to consider hiking the quotas of member nations; those of the charter nations have not been changed since Bretton Woods...
...prove to the speculators and merchants of the world. The speculators had sold the pound short in the hope of devaluation, or had sold it to buy German marks in the hope that they would be revalued upwards, possibly both steps to be taken at the fund meeting. Merchants had engaged in a game of what Jacobsson called "leads and lags." The leaders (British importers) had sold sterling to buy dollars and other foreign currencies to pay their bills well in advance of due dates, thus save money come devaluation. On the other hand, the laggers (foreign traders) had delayed...
Stronger Remedy. Rising at the fund meeting, British Chancellor of the Exchequer Peter Thorneycroft showed the determination. "I have not come to discuss the exchange-rate parity of the pound," said he. "It stays at $2.80. I stated this before I left London. I repeat it now.'' One cogent reason was a stronger British trade surplus than expected, equivalent to $600 million in the year ended June 30, against previous official predictions of $350 million. Even at the risk of unemployment from the tightening of money by the Bank of England fortnight ago, said Thorneycroft, Britain will defend...
...West Germany, Hans Karl von Mangoldt-Reiboldt, alternate fund governor and chairman of the European Payments Union, spoke up almost as strongly: "There is no intention whatsoever to contemplate a change in the dollar value of the Deutsche Mark...