Ads
related to: 1967 sterling devaluation set gold jewelry
Search results
Results From The WOW.Com Content Network
The 1967 sterling devaluation (or 1967 sterling crisis) was a devaluation of sterling from $2.80 to $2.40 per pound on 18 November 1967. It ended a long sterling crisis that had started in 1964 with the election of Labour in the 1964 general election, [1] but originated in the balance of payments crises of the preceding Conservative government.
After a brief period in which the deflationary measures relieved sterling, pressure mounted again in 1967 as a consequence of the Six-Day War, the Arab oil embargo and a dock strike. [17] After failing to secure a bail-out from the Americans or the French, a devaluation from US$2.80 to US$2.40 took effect on 18 November 1967.
The UK government devalued the pound sterling in November 1967 from £1 = $2.80 to £1 = $2.40. This was not welcomed in many parts of the sterling area, and, unlike in the 1949 devaluation, many sterling area countries did not devalue their currencies at the same time. This was the beginning of the end for the sterling area.
In support of the Bretton Woods system and to exert control over the exchange rate of gold, the United States initiated the London Gold Pool and the General Agreements to Borrow (GAB) in 1961 which sustained the system until 1967, when runs on gold and the devaluation of the pound sterling were followed by the demise of the system.
Thus, the London Gold Pool came under increased pressures of failure, causing France to announce in June 1967 a withdrawal from the agreements [9] and moving large amounts of gold from New York to Paris. [4] The 1967 devaluation of the British currency, followed by another run on gold and an attack on the pound sterling, was one of the final ...
Sterling crisis may refer to: 1931 sterling crisis, emergency measures during the Great Depression; 1949 sterling crisis, devaluation; 1967 sterling crisis, devaluation; 1976 sterling crisis, IMF loan; 1992 sterling crisis ("Black Wednesday"), depreciation
At the outbreak of the Second World War in 1939, the sterling area was set up as an exchange control area for the purposes of protecting the external value of the pound sterling, principally against the US dollar. Fiji immediately joined the sterling area. When the pound sterling was devalued on 20 November 1967, Fiji immediately followed suit.
The Coal Industry Act of 1967 provided for the advance payment of pensions to redundant miners, [135] and under the National Insurance (Industrial Injuries) (Amendment) Act 1967, men who were diagnosed as having over 50% disablement through pneumoconiosis "were allowed to have their accompanying bronchitis and emphysema treated as part of the ...