- Title: WEST GERMANY: ECONOMICS MINISTER SCHILLER ANNOUNCES REVALUATION OF DEUTSCHE MARK.
- Date: 25th October 1969
- Summary: 1. LV ZOOM TO SV SCHILLER MAKES ANNOUNCEMENT (SOF) 1.10 TRANSCRIPT: KARL SCHILLER: "MR. CHAIRMAN, LADIES AND GENTLEMEN: SHORTLY BEFORE THE FORMATION OF THIS GOVERNMENT, I DECLARED THAT THE NEW FEDERAL GOVERNMENT WOULD FIND, AS QUICKLY AS POSSIBLE, A CLEAR AND CONVINCING SOLUTION OF THE EXCHANGE PROBLEM. THE FEDERAL GOVERNMENT DECIDED THE FOLLOWING: 1. THE GERMAN MARK WILL BE REVALUED BY 8 1/2 PER CENT - THAT IS THE PARITY RATE TO THE DOLLAR WILL NO LONGER BE 4.00 D.M. BUT ONLY 3.66 D.M. AT THE SAME TIME WE WILL CLARIFY (UNREST & LAUGHTER)....COULD I ASK YOU TO BE A LITTLE QUIETER....." Initials MJS/V/JF/PS Script is copyright Reuters Limited. All rights reserved
- Embargoed: 9th November 1969 13:00
- Keywords:
- Location: BONN, WEST GERMANY
- Country: Germany
- Reuters ID: LVAAOYBPCPTGVPSC1DXKC23MOTNI
- Story Text: WEST GERMANY BECAME LAST NIGHT THE THIRD MAJOR EUROPEAN POWER TO CHANGE THE VALUE OF ITS CURRENCY WITHIN TWO YEARS.
BUT WHILE THE POUND AND THE FRANC WENT DOWN IN VALUE, THE DEUTSCHE MARK HAS BEEN REVALUED, AND NOW STANDS AS ONE OF THE STRONGEST CURRENCIES IN THE WORLD.
ECONOMIC EXPERTS HOPE THAT THE MARK'S REVALUATION WILL HELP TO SETTLE INTERNATIONAL MONEY MARKETS AFTER THE CRISES OF THE PAST TWO YEARS.
IN MOST FINANCIAL CENTRES, THE 9.29 PER CENT RISE IN VALUE WAS WELCOMED.
THE REVALUATION WAS ANNOUNCED LAST NIGHT BY ECONOMIC MINISTER KARL SCHILLER:
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
