§ 51. Mr. Erroll
asked the Chancellor of the Exchequer whether sterling earned by Germans trading in the Anglo-American zone of Germany is freely convertible.
§ Mr. Jay
Sterling resulting from trade between the Bizonal area and the sterling area is not at the disposal of individual German exporters, but is held by the Joint Foreign Exchange Agency. This sterling is convertible to the extent that the net amount so held at the end of any quarter exceeds £1½ million. The German exporter receives payment in Reichsmarks.