§ Mr. John Mooreasked the Chancellor of the Exchequer what rate of exchange of the £ sterling to the $US is used in calculating the nation's reserves.
§ Mr. DellThe value of the reserves is normally expressed in US dollars but a sterling series is given inEconomic Trends on the basis of the parity rate of £1=$2.89524. A more detailed explanation of the way in which the United Kingdom reserves are converted at the parity rate is given in the footnote to Table 20 of the quarterly balance of payments article in the December 1975 edition of Economic Trends. The monthly 73W Press announcement on the level of the United Kingdom reserves gives a sterling value calculated both at this parity rate and at the closing market sterling/dollar rate on the last working day of the month.