§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what is the net value of United Kingdom gold and currency reserves, including International Monetary Fund gold tranche, after deducting liabilities to foreign central banks and international institutions denominated in gold.
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§ Mr. Roy JenkinsThe gold and convertible currency reserves stood at £1,128 million at the end of October.
The United Kingdom has no gold tranche position in the I.M.F. at present. The United Kingdom's repayment obligation to the I.M.F. (which has a gold-value guarantee, though it is not actually denominated in gold) is £1,176 million, of which £254 million represents drawings within the United Kingdom's gold tranche. In addition, the United Kingdom had outstanding obligations of £62 million in respect of charges paid to the I.M.F., for which there is no fixed date for repayment. The United Kingdom also has a gold liability of £17 million on account of gold deposited by the I.M.F. to alleviate the impact of gold purchases from the United Kingdom by other Fund members in order to pay the increase in their gold subscriptions.
It is not customary to disclose details of short-term borrowing from overseas central banks.