HC Deb 25 July 1957 vol 574 cc585-6
41. Mr. Cronin

asked the Chancellor of the Exchequer if he will consider affording credit facilities to India solely with a view to maintaining the relative stability of the rupee.

Mr. Birch

The maintenance of the stability of the rupee is the responsibility of the Government of India. Their reserves of gold and foreign exchange are substantial and amounted on 12th July last to £419 million.

Mr. Cronin

Does the right hon. Gentleman appreciate that Britain's position as banker to the sterling area will become rather precarious if prompt and sufficient help is not given to member countries which are in difficulty?

Mr. Birch

As I said, India has very considerable reserves in this country, upon which she is entitled to draw.

Mr. Roy Jenkins

Whose responsibility is the maintenance of the stability of the £?