Economic and Social Survey of Asia and the Far East 1950

image of Economic and Social Survey of Asia and the Far East 1950

This latest edition of the Survey analyzes current economic and social developments in the region against the background of events in the world economy. It also focuses on the serios problems of growth and transformation of the area's least developed and Pacific Island developing economies.



Currency and credit

In pre-war years every country of the ECAFE region was on a foreignexchange standard based upon the currency of a western Power. Japan, however, had a managed currency. Countries within the British Empire, namely Burma, Ceylon, Hong Kong, India, Malaya and British Borneo and also China and Thailand, were on a sterling exchange standard. Indochina was linked to the French franc, Indonesia to the Dutch guilder and the Philippines to the United States dollar. Most of these countries kept 100 per cent reserves in foreign assets against the currency issue, while others were on a proportional reserve system. Burma, Ceylon, Hong Kong, Malaya and British Borneo, the Philippines and Thailand kept a 100 per cent reserve; China 60 per cent, and India, Indochina and Indonesia 40 per cent. The supply of currency was dependent, therefore, completely or partly, on the balance-of-payments position, changes in which were adjusted by changes in currency in circulation within the countries. By this means the external value of these currencies was maintained.


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