HC Deb 23 October 1946 vol 427 cc404-5W
Wing-Commander Shackleton

asked the Chancellor of the Exchequer whether His Majesty's Government have communicated the par value of the pound sterling to the International Monetary Fund, in accordance with the provisions of Section 4 of Article XX of the Articles of Agreement of the International Monetary Fund.

Mr. Dalton

Using gold as a common denominator, one pound sterling is to be regarded as having a theoretical gold content of 55.26857 grains of fine gold, this weight of gold producing a sterling/ dollar rate of one pound sterling equals 4.03 United States dollars of the weight and fineness in effect on 1st July, 1944, and a parity price of gold in London of 173 shillings S.367 pence per fine ounce of gold.

The par value of sterling today is of course the same as it was on 28th October, 1945.