§ Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer for what reason repayments to the International Monetary Fund may be made from Egyptian No. 1 Accounts.
§ Mr. DaltonBecause any such repayments would be current transactions under Article XIX of the International Monetary Fund.
§ Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer if he will specify the liabilities of the London office 152W of the National Bank of Egypt as laid down in Article I (i) of the Anglo-Egyptian Payments Agreement.
§ Mr. DaltonNo. These liabilities are mainly to United Kingdom deposition.
§ Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what is the policy of His Majesty's Government with regard to capital transfers within the sterling area from No. 1 Accounts under the Anglo-Egyptian Financial Agreement.
§ Mr. DaltonNot to interfere with the reasonable use by Egypt of funds in the Accounts.
§ Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what sterling assets are held by the Royal Egyptian Government, otherwise than through the intermediary of banks in Egypt; and under what provision of Article I of the Anglo-Egyptian Financial Agreement such assets are treated.
§ Mr. DaltonInsignificant amounts in cash. The holdings in securities are adequately provided for now that Egypt has left the sterling area.
§ Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what are the arrangements made under Article 7 of the annex to the Anglo-Egyptian Financial Agreement, respecting capital transfers.
§ Mr. DaltonNone yet.
§ Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer for what reason deposit and current account balances held by Egyptian businesses and private individuals are included under Article I (h) of the Anglo-Egyptian Payments Agreement.
§ Mr. DaltonBecause I saw no serious risk in leaving these balances out of the No. 2 Accounts, into which they would, however, fall if requisitioned by the Egyptian Government.
§ Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer for what reason sterling acquired by Egypt from the International Monetary Fund will be creditable to No. 1 Accounts under Article II (1) of the Anglo-Egyptian Payments Agreement.
153W
§ Mr. DaltonBecause by definition it is sterling currently acquired for current transactions.