HC Deb 07 May 1953 vol 515 cc39-40W
Major Beamish

asked the President of the Board of Trade the implications of the Brazilian Exchange Law, which came into force on 22nd February, 1953, under Ministerial Decree 32285, on British goods already exported to Brazil, for which payment is still awaited and on future trade with Brazil, respectively.

Mr. P. Thorneycroft

The Brazilian Government have assured Her Majesty's Ambassador in Rio de Janeiro that it is their intention to pay sterling arrears at the official rate of exchange. The Brazilian exchange law which institutes a free exchange market does not, therefore, affect United Kingdom goods already exported for which sterling exchange has not yet been provided. I hope that one result of the free market will be to cheapen exports from Brazil and thus have a favourable effect on future trade between Brazil and the sterling area.