Page:UN Treaty Series - vol 2.pdf/14

6

The Royal Netherlands Government and the Royal Norwegian Government have agreed as follows:

The rate of exchange between the Netherlands florin and the Norwegian krone shall be 53.455 Netherlands florins to 100 Norwegian kroner.

This rate (hereinafter referred to as "the official rate") shall not be varied by either of the Contracting Governments except after giving to the other as much notice as may be practicable.

In all territories where they have jurisdiction the Contracting Governments shall enforce the use of the official rate as the basis of all transactions involving a relationship between the two currencies. Norges Bank and De Nederlandsche Bank, as agents of their respective Governments, shall fix by mutual agreement the maximum spread above or below the official rate which will be authorized on the markets which they control.

De Nederlandsche Bank (acting as agents of the Royal Netherlands Government) shall sell florins to Norges Bank (acting as agents of the Royal Norwegian Government) as may be required for payments which residents of Norway, under the exchange regulations in force in Norway, are permitted to make to residents of the Netherlands monetary area,—

a) against Norwegian kroner to be credited at the official rate to De Nederlandsche Bank's No. 1 Account with Norges Bank, provided that the balance standing to the credit of that Account is not thereby increased above a maximum of 37.41 million Norwegian kroner, or

b) if the balance standing to the credit of De Nederlandsche Bank's No. 1 Account with Norges Bank amounts to 37.41 million Norwegian kroner either against such foreign currencies as may be agreed by De Nederlandsche Bank, or