مجموعة ٣٠/ ٢٢٤ "ترتيبات العملة في المشيخات العربية في الخليج الفارسي." [ظ‎‎٦] (١٥٧/٢٠)

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Mr. Fowler
My imiDression is tiiat there are already too many
currencies" circulating in the Persian Gulf and the introduction
of another might only add to the confusion. If an entirely
separate currency were required it would be better to use the
East African shilling than to start something new.
But other considerations overrule all this.
We are proposing to replace the Indian rupee in Aden
and British Somaliland and the Indians are very upset about
it. They are afraid that it may precipitate a flight from
their currency. They are already in difficultj.es in Pakistan
because of a heavy adverse balance of trade which has resulted
in Pakistan* s accumulating large Indian rupee balances which
they cannot liquidate. If, at this juncture we were to propose
to abandon the Indian rupee in the Persian Gulf we might cause
a currency crisis in India. We could not therefore think of
supporting any present proposals for a change of currency in
the Persian Gulf.
Pakistan's complaint seems largely due to mischievous
misrepresentations of local Pakistanis, but there is, no doubt,
an element of pride in it. I am afraid we cannot do anything
about their hurt pride, but we can do our best to disced" the
misunderstandings that have arisen, and, for this purpose the
poli oical\Resident* s proposal to visit Karachi seems an
admirable one. Waight* s suggestion that the Pakistanis might
be persuaded to meet the small cost of repatriating their
currency also seems worth pursuing, although they may not like
to have to do this when the Indians do not.
. , I do < not think there is anything we should ask the Uixited
Kingdom High Commissioner to say to the Pakistan Government
unless it were to pursue the Political Resident's proposal '
to visit Karachi. ^ F
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