867.5151/159: Telegram

The Ambassador in Turkey (MacMurray) to the Secretary of State

149. 1. Reference to my telegram No. 142, November 11, 1 p.m. Exchange transfers have now been made on all applications filed prior to March 1. Total payments made on applications filed during 1939 (not including payments made prior to June 22 to petroleum companies) amount to approximately $700,000. Unpaid applications on file November 15 total approximately $6,500,000.

2. With regard to the question of devaluation discussed in my despatch No. 1237, October 25 last,42 the Minister of Commerce stated to the Commercial Attaché today that the Turkish Government plans to devaluate the Turkish pound by about 25% in relation to the dollar in connection with tobacco purchases early in December. In view of the apparent imminence of devaluation the Embassy would appreciate the Department’s instructions in regard to the position it should take with respect to the right of holders of exchange arrears to transfer at the rate in force at the time of deposit of Turkish pounds.

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