HC Deb 02 July 1976 vol 914 c355W
Mr. Watkinson

asked the Chancellor of the Exchequer what is the present size of the sterling balances; and what was the size in 1974, 1973, 1972, 1971 and 1970.

Mr. Robert Sheldon

I assume that my hon. Friend is referring to the exchange reserves in sterling held by central monetary institutions and banking and money market liabilities to other nonresident holders. The latest available data relates to 31st March 1976. The totals then, and on the dates requested, were:

End of period Exchange reserves in sterling
1970 2,547
1971 3,240
1972 3,618
1973 3,667
1974 4,634
1976 (31st March) 4,061

£ million
End of period Banking and money market liabilities to other holders
1970 1,673
1971 2,382
1972 2,291
1973 2,261
1974 2,500
1976 (31st March) 3,238

Mr. Watkinson

asked the Chancellor of the Exchequer whether it is Her Majesty's Government's policy to increase the size of the sterling balances.

Mr. Robert Sheldon

It is not and has not been a particular object of the Government's policy to continue to increase the size of external holdings of sterling. These holdings are determined by a wide array of factors, above all the preferences of the holders concerned.