HC Deb 22 October 1968 vol 770 c261W
66. Mr. Dodds-Parker

asked the Chancellor of the Exchequer whether he will seek to amend the International Monetary Fund rules so as to prevent any currency enjoying a considerable discount on the external note rate, thus giving certain benefits of devaluation for the creation of a double rate.

Mr. Diamond

I assume the hon. Member is referring to the buying and selling of currency notes at a discount on the official rate. The I.M.F. rules already provide that the discount in this sort of situation must not be more than the Fund considers reasonable.