§ Mr. Bruce-Gardyne
asked the Chancellor of the Exchequer what proportion of the gold and foreign exchange reserves was held in dollars on 15th August, 1971; and what was the consequential loss in the sterling value of the reserves resulting from devaluation of the dollar.
§ Mr. Maurice Macmillan
We do not publish the component parts of the reserves except for the last day of the month, quarterly in arrears. Nor is the foreign currency component broken down into individual currencies. We intend to keep to this policy.
The difference between the sterling value of the total reserves at the end of December, 1971, calculated at the present middle rate rather than $2.40, was £146 million.