Page:UN Treaty Series - vol 2.pdf/340

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Article 7 Any sterling held by De Nederlandsche Bank shall be held and invested only as may be agreed by the Bank; of England and any Netherlands guilders held by the Bank of England shall be held and invested only as may be agreed by De Nederlandsche Bank. Article 8 (i) If during the currency of this Agreement the Contracting Governments adhere to a general international Monetary Agreement they will review the terms of the present Agreement with a view to making any amendments that may be required. (ii) While the present Agreement remains in force the Contracting Governments shall co-operate to apply it with the necessary flexibility according to circumstances. The Bank of England and De Nederlandsche 'Bank, as agents of their respective Governments, will maintain contact on all technical questions arising out of this Agreement and will collaborate closely on exchange control matters affecting the two areas. (iii) As opportunity offers the Contracting Governments shall seek with the consent of the other interested parties (a) to make Netherlands guilders at the disposal of residents of the sterling area and sterling at the disposal of residents of the Netherlands Monetary Area available for making payments of a current nature to residents of countries outside the sterling area and the Netherlands Monetary Area; and (b) to enable residents of countries outside the sterling area and the Netherlands Monetary Area to use sterling at their disposal to make payments of a current nature to residents of the Netherlands Monetary Area, and to use Netherlands guilders at their disposal to make payments of a current nature to residents of the sterling area. (iv) Notwithstanding that each of the Contracting Governments shall be alone responsible for its monetary relations with third parties, they shall maintain contact wherever the monetary relations of the one affect the interests of the other. Article 9 For the purposes of the present Agreement:(i) The expression "the sterling area" shall have the meaning from time to No. 24