| Description | United Kingdom (UK) wish to reduce German buying from Hungary and to increase UK buying, Apr 1940; difficult to achieve. Special accounts opened for Hungary, 29 July 1940, to receive all current payments to Hungarian residents and to be used only for out-payments within the sterling area. Correspondence with Bank for International Settlements (BIS) about renewal of dollar credit for National Bank of Hungary. Correspondence Governor Montagu Collet Norman/Governor Baranyai, about servicing Hungary's sterling debts. Hungary declared enemy territory, 8 Apr 1941. Correspondence with banks, Treasury (HMT), and Trading with the Enemy Branch of Board of Trade about pre-zero transactions and subsequent transactions including payments to the Swedish Legation (representing Hungarian interests in London). |