مجموعة ٣٠/ ٢٢٤ "ترتيبات العملة في المشيخات العربية في الخليج الفارسي." [و‎‎٣‎٨] (١٥٧/٨٣)

(VI)
-1 9 -
» ivapee r.al^nce.
knottier case I Y*as astced to consider while at
beiu-eia was ttie request of the i ..,for the conversion of the
itupee balance (believed to oe about 300,000 rupees,, being, as
they claim, .he proceeds of air transportation ticket, atld in
nahrein. They argue inte* alia in support or .heir claim for
conversion toat the source of the rupees ia !G o who in turn
have obtained rupees by a sale of dollars to official souroea.
as will be seen from sub-para. ^IV) above, this is not at an
a convincing argument, jt is known locally that
employees have cashed their dollar cneques in Bahrein at the
ff?® *i th ti ^ eB * I ' a P ee8 l»ve purchased transports-
.ion tic.r. to i ro ; . . 1 .. -^ihrein. it seems lively, t. orefore
that quite a substantial part of the v. .A.’s. rupee balance ha.
ueen derived from the sale or dollars other than to official
sources. -xv-xcii
(VII)
ijollar ycccountb.
lhe in the GulX* have been permitted to orjen
dollar accounts and to iat Ke dollar re iattances provide! thev
maintain 1^0 dollar cover. But the practice followed b/ ,ue
eastern i^emk and the Imperial iiaruc of iran is not uni fora
ihe Imperial Bank of iran in a hr e in and Kuwait . frequently p-ive
leleg. aphie Transfers on New York against dollar drafts, while
oue .astern rank, Bahrein* will not issue Y.T.s uatil they are
advised oi the collection or drafts remitted. ;he Manager of
the i^&atei’n banK takes the line triat any other couj^se would
involve oiriclal dollars and for this reason he declines to
,£: T % laci ii tleiB * AB a consequence, the Eastern Bank
unooubtedly sufiere in dollar business. The Imperial Bank of
o-Pa.i* particularly the Kuwait ^mnch, has larpe dollar
accounts {L was unable to aacertain the total; arid so long as
their i. 1 . reiaittancee do not. exceed the total of the dollar
deposits of. clients it would appear that they would not be •
using official dollars provided always that the drafts
remitted < re honoured, but if oi'afts are not paid, then the
Imperial Bank of Iran will have used official dollars. All
this may be unobjectionable but it does not seem consistent with
the spirit of .exchange Gontrol regulations. I -erely bring it
to the notice of the authorities for action to be taken if"
considered necessary. It would seem desirable that both
banks should act alike.