823.51/1307
The Peruvian Delegation to the Meeting of the Foreign Ministers of the American Republics Held at Panama, September 23–October 3, 1939, to the American Under Secretary of State ( Welles )
The Government of Peru takes the liberty to continue in its applications for a credit in dollars concerning which it has been negotiating to continue import trade with the United States which is completely paralyzed at this time.
Without prejudicing the possibility of arriving at a subsequent agreement and to alleviate the precarious situation the Export-Import Bank could grant immediately a credit of $6,000,000 to the Banco Central de Reserva del Peru to reestablish its commercial transactions.
The credit would be used by the Banco Central de Reserva del Peru for imports from the United States, selling the exchange bills at the rate of the day and crediting this amount to the order of the Export-Import Bank, the total in dollar bills being represented by the equivalent amount in Peruvian currency.
The Banco Central de Reserva, in order to amortize the credit, would take the amount in dollars of the value of Peruvian products sold in the United States.
The Peruvian Government would guarantee through the Banco Central de Reserva whatever difference might occur in the rate of exchange at the time of liquidating the credit.
The Government of Peru, which has learned that there have been recently granted similar credits to Bolivia, Chile, and Colombia, hopes that its request may be complied with, taking into consideration the current emergency situation.