“The Bank of England insists its role in the episode was ‘widely misunderstood.’ The Nazis invaded Czechoslovakia in September 1938. In March the following year, the Bank of International Settlements (BIS) asked the Bank of England to switch £5.6m-worth of gold from an account for the Czech national bank to one belonging to the Reichsbank. Much of the gold – nearly 2,000 gold bars – was then ‘disposed’ of in Belgium, Holland and London. The BIS was chaired at the time by Bank of England director, German Otto Niemeyer. The UK central bank also sold gold for the Nazis in June 1939, without waiting for approval from Westminster.”
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