§ Mr. Watkinsonasked 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 SheldonI 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. Watkinsonasked the Chancellor of the Exchequer whether it is Her Majesty's Government's policy to increase the size of the sterling balances.
§ Mr. Robert SheldonIt 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.