HC Deb 08 June 1992 vol 209 cc18-9W
Mr. Austin Mitchell

To ask the Chancellor of the Exchequer if he will set out for each month the variation of the pound sterling inside or outside the 2½ per cent. and 6 per cent. bands since its entry into the European exchange rate mechanism.

Mr. Nelson

Sterling does not participate in the narrow band of the ERM. The table lists the average monthly percentage variation of sterling from its central rates against other ERM currencies since joining the exchange rate mechanism.

Spanish Peseta Portuguese Escudo Italian Lire French Franc
February -5.11 — -1.08 0.07
March -4.95 — -0.97 0.82
April -4.07 — 0.04 1.79
May -4.33 — -0.34 1.55
June -4.40 — -0.99 0.78
July -3.75 — -0.59 1.07
August -4.38 — -0.57 0.84
September -4.24 — -0.85 0.68
October -4.28 — -1.39 0.30
November -4.83 — -1.53 -0.35
December -4.88 — -2.10 -1.30
1992
January -5.63 — -2.47 -1.54
February -5.74 — -2.06 -1.02
March -5.74 — -2.48 -1.71
April -4.91 -3.52 -1.22 -1.03
May -4.30 -4.72 0.10 -0.26

Note:

Sterling joined the exchange rate mechanism on 8 October 1990. The Portuguese Escudo joined the ERM on 6 April 1992.

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