text: Chapter 6
  6-164. In general, the Occupying Power may not contract new debts on behalf of the occupied territory or
  collect taxes to pay interest on such debt. However, new debt may be undertaken on behalf of the occupied
  territory if immediately necessary for the welfare of the inhabitants of occupied territory, and if undertaking
  such debt constitutes a fair and reasonable transaction (see DOD Law of War Manual, 11.22.4.3). The
  Occupying Power may refinance or consolidate already existing public debt of the occupied territory if it is
  clearly in the interest of sound financial administration of that territory and therefore of direct benefit to the
  inhabitants.
  CURRENCY, EXCHANGE CONTROLS, AND PRICE CONTROLS
  6-165. The Occupying Power may leave the local currency of the occupied area in circulation. The
  Occupying Power may also introduce its own currency in the occupied area or issue special currency for use
  in the occupied area, should the introduction or issuance of such currency become necessary. The Occupying
  Power may set exchange rates for currency in occupied territory. For example, intentional debasement of
  currency by the establishment of factitious valuation or exchange rates, or like devices, as well as failure to
  take reasonable steps to prevent inflation, with the result of enrichment of the Occupying Power, would
  violate international law (see DOD Law of War Manual, 11.22.5).
  6-166. The Occupying Power may also institute exchange controls, including clearing arrangements and, if
  necessary, the freezing or blocking of certain assets in order to conserve the monetary assets of the occupied
  territory, as well as for security purposes. Such measures must not, however, be utilized to enrich the
  Occupying Power or otherwise circumvent the restrictions placed on requisitions, contributions, seizures, and
  other measures dealing with property.
  6-167. The Occupying Power may regulate prices in the occupied territory. Shortages of commodities and
  increased demand for certain commodities in the occupied territory may result in increased price fluctuations
  requiring the Occupying Power to resort to measures designed to maintain prices at a reasonable maximum
  level. The Occupying Power may not use its power over price controls, however, for the purpose of exploiting
  the occupied territory to its own illegal advantage.
  CONTROL OF BUSINESS AND COMMERCIAL INTERCOURSE IN OCCUPIED TERRITORY
  6-168. The Occupying Power has the right to regulate commercial intercourse within, into, or out of the
  occupied territory. It may subject such intercourse to such prohibitions or restrictions as are essential to the
  purposes of occupation. The Occupying Power may also remove existing commercial restrictions or
  regulations when essential to the purposes of the occupation. The purposes of the occupation that justify
  economic regulation may include the military interest of the Occupying Power, the needs of the inhabitants
  of occupied territory, and applicable law of war obligations (see DOD Law of War Manual, 11.23.1).
  6-169. The Occupying Power may exercise controls over private business for the purpose of addressing the
  needs of the inhabitants of the occupied territory and for military purposes. The Occupying Power may
  compel a business to continue operations if necessary to serve the needs of the local populace or for military
  purposes. The Occupying Power may also take steps to increase production from private business, including
  granting subsidies out of available governmental revenues from the occupied territory. If necessary to serve
  the needs of the local population or for military purposes, the Occupying Power may assume control and
  management of such a business. Title to the business in such circumstances remains with the legal owner,
  and if the Occupying Power earns a profit from the operation of the business, the legal owner must be
  indemnified to avoid violating the prohibition on confiscating private property. On the other hand, if the
  Occupying Power determines that the continued operation of a business is detrimental to the interests of the
  local populace or to the Occupying Power, the Occupying Power may close down the business. For purposes
  of security and restoration of public order, the Occupying Power may also take steps to prevent hoarding of
  supplies, to curb or prevent black markets, and to regulate labor conditions, including strikes.
  6-170. The Occupying Power may also regulate foreign trade, including completely suspending such trade.
  For example, the Occupying Power may halt the export of precious metals and other valuable items that are
  readily converted or exchanged on the international market, such as copper, jewels, and securities.
  Commercial relations between the occupied territory and the remaining territory of the enemy and its allies
  are normally suspended.