HC Deb 26 June 1933 vol 279 cc1175-6W

asked the Chancellor of the Exchequer whether it is the policy of His Majesty's Government to keep the exchange value of the pound sterling stable in terms of the franc, at about the present rate of 86 francs to the pound sterling?


My right hon. Friend states from time to time to the House the broad objectives of policy which are primarily concerned with checking undue fluctuations. The answer is, therefore, in the negative. But my hon. Friend will see on reflection that His Majesty's Government must have a reasonable discretion and that these matters cannot conveniently be dealt with within the limits of a reply to a Parliamentary question.


asked the Chancellor of the Exchequer if the operations of buying and selling gold and Devisen on behalf of the Exchange Equalisation Account are performed by the Issue Department of the Bank of England or directly by the Treasury?


As was explained in the course of the Debates on the Finance Bill of last year, the Account is operated by the Bank of England as agents of the Treasury.

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