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Sterling (Convertibility)

Volume 499: debated on Thursday 24 April 1952

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41.

asked the Chancellor of the Exchequer what is the policy of Her Majesty's Government with regard to the free convertibility of sterling; and when they expect to achieve this.

Her Majesty's Government subscribe to the policy contained in the statement issued after the Conference of Commonwealth Finance Ministers in January last. In the terms of that statement

"it is our definite objective to make sterling convertible and to keep it so. We intend to work towards that goal by progressive steps aimed at creating the conditions under which convertibility can be reached and maintained."
I cannot, however, name a date when such conditions are likely to be achieved.