§ Sir R. Caryasked the Secretary of State for Foreign Affairs if he will make a statement in regard to his representations to the Argentine Government about the exchange rate of pensions remitted to British pensioners of Argentine companies.
§ Mr. Dodds-ParkerPrior to October, 1955, the Argentine Government remitted pensions to British pensioners of Argentine companies at a fixed exchange rate of about 39 pesos to the £. In October, 1955, however, the Argentine Government devalued their currency and established a fluctuating rate of exchange72W for all remittances. The application of this exchange rate, which is at present running at about 106 pesos to the £, meant that pensions remitted to British pensioners of Argentine companies would be cut by over 60 per cent. Her Majesty's Government accordingly made representations to the Argentine Government asking them to provide an equitable solution to this problem.
I am glad to say that on 19th April the Argentine Government decided to remit pensions to British pensioners of Argentine companies at the rate of approximately 50 pesos to the £, at least until the end of 1956. Her Majesty's Government have expressed their thanks to the Argentine Government for this very welcome decision.
The question of the exchange rate to be applied to pension remittances after the end of the current year will be discussed in due course with the Argentine Government.