International Monetary Fund (Credit)

HC Deb 26 October 1965 vol 718 c45W

Mr. Biggs-Davison

asked the Chancellor of the Exchequer whether he will state the contributions made by various countries of the International Monetary Fund to the total credit it made to the United Kingdom in May, 1965.

Mr. MacDermot

In May, 1965, the United Kingdom drew the equivalent of £500 million ($1,400 million) from the International Monetary Fund in the following currencies and amounts:

	U.S. $
Currency	equivalent
Belgian francs	82,500,000
Canadian dollars	107,500,000
Danish kroner	30,000,000
French francs	242,500,000
Deutschemarks	312,500,000
Italian lire	182,500,000
Japanese yen	77,500,000
Netherlands guilders	87,500,000
Spanish pesetas	40,000,000
Swedish kroner	37,500,000
U.S. dollars	200,000,000

At the same time the Swiss authorities, who are not members of the International Monetary Fund, made available to the United Kingdom Swiss francs equivalent to £14.3 million ($40 million).

The Fund followed its normal policies and practices in arriving at the currencies used in the drawing.