| Code | DS/UK/73 |
| Corporate Name | Bank of England Exchange Control Department |
| Dates | 1972 - 1979 |
| OtherFormsOfName | Exchange Control and Overseas (1946 - 1957) |
| Activity | The necessity for an exchange control system in the event of a second world war was perceived some time before its outbreak and the necessary mechanisms were established by the Defence (Finance) Regulations, 1939. The primary objectives were to stop money leaving the country except for approved purposes and to restrict the use of foreign resources held here to matters of national interest. At the start, Exchange Control was a function of the Cashier's Department and implemented by a Section in that area which soon became enlarged and given the status of an Office.
After the war, it was clear that the economy would not be robust enough to allow free movement of funds from the country and therefore controls would have to continue. Post-war policy was embodied in the 1947 Exchange Control Act.
Controls remained a function of the Cashier's Department until 1964 when the Exchange Control Office became part of the new Overseas Department. This situation continued until the formation of a separate Exchange Control Department in October 1972. Exchange controls were abolished in 1979. |
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