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Egyptian Sterling Balances

Volume 498: debated on Wednesday 9 April 1952

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86.

asked the Chancellor of the Exchequer the reason for the Government's decision to release £10 million from the Egyptian sterling balances in this country.

Her Majesty's Government are committed to release this sum during the calendar year 1952 under Article 3 (2) of the Anglo-Egyptian Sterling Releases Agreement of July, 1951. They decided to make the release now as a gesture of good will towards the present Egyptian Government, who have made further representations about Egypt's serious lack of sterling.