HC Deb 26 November 1968 vol 774 cc73-4W
Mr. Alison

asked the Chancellor of the Exchequer (1) what has been the yield to the reserves since April, 1965, of the requirement that 25 per cent. of the proceeds of a sale of dollar securities must be surrendered to the authorities;

(2) if he will publish quarterly figures showing the addition to the reserves flowing from the 25 per cent. surrender rule relating to the proceeds of sales of dollar securities.

Mr. Harold Lever

The 25 per cent. scheme contributed the equivalent of about$750 million in foreign currencies to the official reserves between its introduction in April, 1965, and the end of August this year, implying an annual average yield of rather more than$200 million. I do not propose to publish quarterly figures of the yield of this scheme.