§ 66. Mr. Higginsasked the Chancellor of the Exchequer what was the value of net sterling liabilities to overseas sterling area countries, as a percentage of the global total net sterling liabilities, at the end of September in 1964 and in 1967.
§ Mr. DiamondOverseas Sterling Area countries' holdings of sterling, as a proportion of all countries' holdings, in September, 1964 and 1967 were 78 per cent. and 72 per cent. respectively.
273W
§ 67. Mr. Higginsasked the Chancellor of the Exchequer if he will, from the sources available to him, estimate the percentage of sterling holdings in overseas sterling area countries' gold and foreign exchange reserves at the end of September in 1964 and in 1967.
§ Mr. DiamondMy best estimate from published sources is that the proportion of sterling held in the reserves of Overseas Sterling Area countries at the end of September, 1967 was about two-thirds, compared with about three-quarters at the end of 1964. These figures include the holdings of South Africa, whose reserves are traditionally held mainly in gold.