“The episode has long weighed on the reputation of the BIS. However, what has received less attention is the role of the BoE in the affair. What emerges from the history, which appeared on the BoE’s website on Tuesday, is that the UK’s central bank prioritised the appeasement of the BIS over the British government’s wishes to freeze the sale of Czech assets. The history, written by BoE officials and completed in 1950 but never published, also records that the UK central bank sold gold after this date on behalf of the Nazis — and without waiting for the consent of the British government — on the back of pressure from the BIS.”
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