HC Deb 13 June 1950 vol 476 c6W
72. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer whether he is aware that Italy has signified her willingness to sell oil against blocked sterling; and to what countries such sales can be made.

Sir S. Cripps

Payment in sterling for licensed imports of Italian products, including petrol, into the Scheduled Territories is allowed as a matter of course. As a member of the Transferable Account Area, Italy may receive sterling from any other member of that Area for Italian exports (including petrol) to that member. Applications to transfer sterling in payment for Italian exports to countries outside the Scheduled Territories and the Transferable Account Area are subject to the agreement of the Exchange Control authorities in the countries concerned, and are considered individually on their merits by the Exchange Control here.