§ Mr. Maddanasked the Chancellor of the Exchequer, in view of the operation of exchange control, whether the investment dollar rate is official; what is the amount, to the nearest £10 million, that has accrued to the official reserves under the 25 per cent. rule; and what percentage he estimates will thus be withdrawn on a full year's basis from the £4,000 million which was stated last April to be the value of Great Britain's portfolio of overseas securities.
§ Mr. CallaghanThe investment currency market operates under permissions granted under the Exchange Control Act, 1947. The premium payable for investment currency depends on the interplay of supply and demand in the market; the resulting rate is unofficial.
As regards the last part of the Question, I would refer to the reply which I gave to the hon. Member on 8th February, 1966.