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Gold And Dollar Reserves

Volume 483: debated on Tuesday 6 February 1951

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65.

asked the Chancellor of the Exchequer for what reason His Majesty's Government have been heavy converters of dollars into gold in the latter part of 1950.

It has always been the policy of His Majesty's Government to hold the bulk of the reserves in gold.

If that is his policy, may I ask the right hon. Gentleman two questions; first, why he has not used any surplus dollars to repay the International Monetary Fund the sum which may become payable by His Majesty's Government and, secondly, whether he really thinks it helps the Americans at present to transfer dollar securities and thus add to their economic problems?

There is no evidence that the American Government has any objection to our pursuing our normal economic policy.