3466 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. AGREEMENT between the Government of the United States of America and the Government of the Italian Republic for financing certain educational exchange programs. The GOVERNMENT OF THE UNITED STATES OF AMERICA and the GOVERNMENT OF THE ITALIAN REPUBLIC Desiring to promote further mutual understanding between the peopks of the United States of America and of Italy by a wider exchange of knowledge and professional talents; Considering that the Secretary of State of the United States of America may enter into an agreement for financing certain educational exchange pro- grams from currencies or credits for currencies acquired pursuant to the Me- morandum of Agreement dated September 9, 1946, ['] or any supplement or modification thereof (hereinafter collectively referred to as the Memorandum). Have agreed as follows: Article I Depo alt a The Government of the Italian Republic shall deposit, subsequent to 30 days from December 18th 1948, with the Treasurer of the United States of Americ:a on such dates as the Government of the United States of America shall specify, amounts of Italian currency until an aggregate amount of Italian currency equivalent to $ 5.000 .000 (United States currency) shall have been so deposited, provided, however, that in no event shall a total amount of Italian currency in excess of the equivalent of $ 1.000 .000 (United States currency) be deposited during any single calendar year. The amount of currency so deposited shall reduce the amount that would otherwise be payable in dollars by the Govern- ment of the Italian Republic to the Government of the United States of America in accordance with the Memoranduml. The rate of exchange between Italian currency and Unit(ed States ('cun1't.cV to be used in determining the amount of Italian currency to be deposited from time to time pursuant to this agreement shall be determined in accordarce willi the Memorandum, or a?y supplement or modifical ion thereof. Not printed.
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