Moves towards Convertibility and Their Implications for Monetary Policy

Countries that held sterling in their reserves, having become accustomed to repeated requests from the U.K. to limit their drawings on their sterling assets, were understandably anxious for those assets to be made convertible into dollars. They no doubt understood that this could not happen immediately, but wanted the U.K. to make serious efforts to achieve convertibility. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.