HC Deb 25 October 1966 vol 734 c127W
1. Mr. John Lee

asked the Chancellor of the Exchequer if he will initiate negotiations to transfer the United Kingdom's sterling balances to the International Monetary Fund.

Mr. Callaghan

No. Apart from any other considerations I have no reason to believe that such a proposal would be welcome at present either to the main holders of sterling or to the leading members of the International Monetary Fund.