§ Mr. Dodds-Parker
asked the Chancellor of the Exchequer at what rate to the pound Her Majesty's Government buys French francs; and why this differs from the official rate of 11.70 francs to the pound.
§ Mr. Roy Jenkins
I am not clear what sort of transaction the hon. Member has in mind. The French franc/sterling parity, derived from the French and the United Kingdom's declaration of par value to the I.M.F., is French francs 11.849 to the pound. Under I.M.F. rules a small percentage variation from parity is permissible in dealigns between member countries.