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The Banque Nationale Suisse shall at all times have the right to sell to the Nederlandsche Bank, against all or part of the balances in Swiss francs held by the latter under the present agreement, either gulden at the official rate, or gold at a price fixed by mutual agreement between the two banks of issue.

The Nederlandsche Bank shall at all times have the right to sell to the Banque Nationale Suisse, against all or part of the gulden held by the latter under the present agreement, either Swiss francs at the official rate, or gold at a price fixed by mutual agreement between the two banks of issue.

On the expiry of the present agreement the balance in gulden held by the Banque Nationale Suisse and the balance in Swiss francs held by the Nederlandsche Bank shall be cleared at the official rate. The final credit balance, in so far as it is not settled by immediate payment in gold or in the currency of the creditor country under Article 9, shall be used to acquire Treasury Bonds issued by the debtor country in the currency of the creditor country; these Bonds shall bear interest at the rate of 3½ per cent per annum and shall be redeemed in accordance with an amortization schedule established by mutual agreement between the two Governments, the duration of which may not exceed a period of five years from the date of issue of the Bonds.

The present agreement shall extend its operation to the Principality of Liechtenstein as long as the latter is bound to Switzerland by a customs-union treaty.

The present agreement shall enter into force on the day of signature.

It shall be valid for a period of three years from that date. On the expiry of that period it shall be extended from year to year by tacit consent unless denounced by one of the contracting parties three months before date of expiry.

Done in duplicate, at Berne, this 24 day of October 1945.

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