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Volume 8 1945~1948

Doc No.
Date
Subject

No. 394 NAI DFA 305/57 Part II

Department of Finance Summary Memorandum to Government
'Revised foreign exchange facilities for travel'1

Dublin, 30 August 1947

  1. In view of the present difficult foreign exchange situation the Minister for Finance feels it necessary to curtail the existing foreign exchange facilities for travel abroad and accordingly proposes to take action on the lines of the attached memorandum,2 which is prepared in the form of an announcement to the press. Curtailment of the facilities is not so severe as that already announced by the British authorities inasmuch as the present basic allowance of £75 is continued for the month of September. The British are allowing only a reduced figure of £35 for that month. After 1st October the exchange controls of the two countries will operate on similar lines as regards foreign travel.
  2. The present rate of expenditure of foreign exchange on travel for all purposes is not less than £600,000 per annum of which somewhat more than one-half is attributable to travel for pleasure.
  3. It should be added that travellers are known to expend abroad sterling notes which they have brought with them, in evasion of the legal restrictions on the exportation of such notes and on their encashment abroad. The curtailment of travel facilities should materially reduce this element of leakage.
  4. The Minister for Finance accordingly recommends that an immediate announcement be made in the terms of the attached memorandum. More comprehensive instructions will have subsequently to be issued to banks, travel agencies, etc.

1 See also below No. 456.

2 Not printed.

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