§ Mr. Onslow
asked the Chancellor of the Exchequer what steps he has taken to estimate the inflationary effect of special drawing rights.
§ Mr. Dell
The decision procedures with respect to SDR creation require the IMF to have regard to the avoidance of both economic stagnation and inflation. SDR holdings at present represent 5.7 per cent. of world reserves. There have been no issues since 1st January 1972. In the period from 1st January 1972 world import prices have risen by 53 per cent.