§ Sir Teddy TaylorTo ask the Chancellor of the Exchequer how many tons of gold have been sold by the Bank of England since he instructed it to do so; and what has been the average price secured from these sales.[1449]
§ Mr. BoatengSince the gold sales programme was announced in May 1999, as part of the restructuring of the United Kingdom's foreign currency reserves, 295 tonnes have been sold. The average price secured at the 12 auctions held to date is $273.09 per ounce.
§ Sir Teddy TaylorTo ask the Chancellor of the Exchequer what the total number of euros purchased by the Bank of England is since he instructed it to invest 40 per cent. of the proceeds of gold sales in this currency; and what has been the average purchase price. [1450]
§ Mr. BoatengThe proceeds from sales of gold are invested, over a period of time, in interest-bearing foreign currency assets, in broadly the same proportion as currently held in the net foreign currency reserves, as part of the Bank of England's day-to-day management of the United Kingdom's foreign currency reserves.