FOREIGN EXCHANGE: Back to Reality

Something which never really existed was formally ordered out of existence last week. In 1926 Belgium wanted to protect the Belgian franc from the skidding of the French franc (the two currencies had long been interchangeable). So Belgium established the belga, worth five francs.

But nobody took to the belga. No belga was ever minted. To travelers, Belgium's currency was still the franc. Last week the Belgian Government finally gave up. From now on, it will officially call its unit of foreign exchange the franc. The Belgian franc no longer needs protection. It is quoted at 2.3 U.S. cents, v....

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