Foreign Relations of the United States Diplomatic Papers, 1940, The British Commonwealth, The Soviet Union, The Near East and Africa, Volume III

867.5151/178: Telegram

Ankara , March 23, 1940—noon.
[Received 4:11 p.m.]

29. Department’s 20, March 21, 1 p.m.

(1): All dollars sold in connection with Turkish exports to the United States are being purchased at the rate of 1.625 Turkish pounds to the dollar.
(2): This rate has not been made applicable to dollars sold for noncommercial purposes. It would appear from information obtained by the Embassy that the Turkish Government has decided to apply the uniturc rate (now approximately 1.95 to the dollar) to such dollars. This rate is being made available generally to dollars sold for noncommercial purposes provided that they have been brought into Turkey from abroad and provided that in the case of their being offered for sale by persons not connected with a foreign mission the transaction has in each case the approval of the Ministry of Finance. American newspapermen who have been recently in Ankara have been selling dollars at this rate and appear to have experienced no difficulty in obtaining the permission of that Ministry. Banks other than the Central Bank purchase dollars offered to them only at the official rate of approximately 1.30.

MacMurray