Bank of England loses half its gold
Citations (1)
- Lords of Finance whole source · open book
In the last two weeks of July, the Bank of England lost $250 million—almost half its gold reserves. It reacted by raising interest rates modestly from 2.5 percent to 4.25 percent in the hopes of inducing capital not to desert sterling.
chapter: 20. GOLD FETTERS - 1931-33