Abstract
On May 25,1948, the International Bank for Reconstruction and Development announced that arrangements had been completed for the sale of an issue of 2½ per cent Swiss franc serial bonds, maturing in 1953 and 1954, with a total value of 17 million Swiss francs (approximately $4,000,000). The entire issue was purchased by the Bank for International Settlements, the proceeds to be made available to the Netherlands Government for the purposes of the loan granted it in August 1947. According to the Bank's announcement of the issue, the original loan agreement with the Netherlands would be adjusted to provide for repayment in Swiss francs in the amounts and on the dates corresponding to the maturities of the issue; the principal purpose of the sale was “to make currencies other than dollars available to the Bank for use in its lending operations.” As the first sale of Bank securities outside the United States, the Swiss franc issue was considered by Bank officials as a pilot issue foreshadowing future sales in order to replenish the Bank's reserves of foreign currencies.
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