Camille Gutt

Camille Gutt (November 14th 1884 with Brussels - 1971) was the first managing director of the Fonds international currency of 1946 with 1951. He was also Minister for Finance of Belgium of 1940 with 1945.

Operation Camille Gutt

Whereas the spectrum of the Inflation inherited between two-wars plane in Belgium, the Gutt operation allows, in October 1944, to proceed to the replacement of the Papier-monnaie while blocking the assets in bank and to the accounts accounts - postal checks. By controlling the money supply then by authorizing the progressive releasing, the government suppresses the danger of a which gallops inflation.

This operation will take place in several stages:

- All the Belgian citizens will receive, in exchange of their old tickets, 2000 new francs Belgian. The surplus then will be transformed into blocked assets, which will be refunded little by little by the resumption of the production. One refunds 34 billion Belgian francs thus.

them 64 not yet refunded billion is converted into loan financed by a specific tax.

it money supply is considerably reduced: one passes from 140 billion banknotes to 25 billion.

- Moreover, the Belgian government abstains from any request for advances in Central Bank main road. This monetary policy of fight against inflation succeeds thus thanks to the fast revival of the production.

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