Proposal for new currency for the Persian Gulf

This file contains correspondence relating to:

• Bank of England's observations in support of the proposal for a new currency in the Gulf and the fact that it would not be ready until early 1955 (1)
• Papers on the subject of a new currency along with comments [enclosed]; a revised draft despatch for Bahrain and arguments in favour of the new currency (2-3, 8)
• Note of a meeting held at the Treasury on 19 February 1954 (4)
• Conversation between D A Logan and the Export Manager of Thomas de La Rue and Company Limited regarding the Kuwaiti attitude to having their own currency (5)
• Comments by the Commonwealth Relations Office on a draft memorandum regarding Gulf currency (6)
• Draft despatch and comments, and the question of whether Muscat should be involved in the scheme (7)
• India's attitude to a new currency in the Gulf, including: a draft savingram asking for the views of the High Commissioner in India; and the views of Treasury representative Leonard Waight. It includes a letter from India's Secretary of the Department of Economic Affairs Mr Ambegaokar asking for evidence of a claim made at a previous conference regarding cheap sterling deals and follow-up correspondence (9-14)
• Conversation between P Sloman of the Treasury and Mr Strover of the Kuwait Finance Department regarding Gulf currency and letters of recommendation (15)
• Decision not to change the currency in the Gulf, including the views of Political Resident in the Persian Gulf B A B Burrows and consultation with all the British posts in the Gulf (12, 16)