Foreign Exchange Market

HC Deb 29 January 1952 vol 495 cc7-8W

73. Mr. Norman Smith

asked the Chancellor of the Exchequer to what extent the re-establishment of the foreign exchange market in London is intended as a preliminary to the restoration of the convertibility of sterling for purposes of current transactions.

Sir A. Salter

An active foreign exchange market in London will clearly be necessary when it ultimately becomes possible to restore the convertibility of sterling. As the hon. Member is doubtless aware the Commonwealth Finance Ministers, at their recent conference in London, agreed that convertibility should be one of the long-term aims of sterling area policy.