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Reserves And Debts

Volume 927: debated on Tuesday 1 March 1977

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asked the Chancellor of the Exchequer (1) what were the United Kingdom debts to central bankers and the International Monetary Fund expressed in £s sterling from December 1950 to December 1976 inclusive on a quarter by quarter basis; and if he will publish the information in the Official Report in tabular form;(2) if he will publish in the

Official Report details of the United Kingdom gold and currency reserves expressed in £s sterling on a quarter by quarter basis for the period December 1950 to December 1976 inclusive.

Details of the levels of United Kingdom gold and currency reserves and of the United Kingdom debts to central bankers and the International Monetary Fund are published in the Bank of England Statistical Abstracts for 1970 and 1975 and figures for more recent periods are published in the Bank of England quarterly Bulletins and Economic Trends. Figures for December 1976 will be published in the March 1977 issues of these publications.

£ million*
United Kingdom official short and medium-term borrowing from abroadUnited Kingdom Government sterling liabilities held by central monetary institutions British
Total gold and convertible currency reservesInternational Monetary FundOther monetary authoritiesBritish Government stocks†Treasury bills
1950—Dccember1,178105....
1951—March 1,34295....
June 1,38195....
September1,16795....
December83495....
1952—March 60795....
June60295....
September60295....
December65995....
1953—March 77495....
June 84595....
September88888....
December89939....
1954—March 95939....
June 1,07839....
September1,036....
December986....
1955—March 953....
June957....
September838....
December757....
1956—March 813....
June852....
September832....
December799200....
1957—March 826200....
June850200....
September661200....
December812200....
1958—March 989200....
June 1,099196....
September1,114195....
December1,096195....
1959—March 1,121124....
June1,133124....
September1,173120....
December977116....
1960—March993101....
June1,03383....
September1,11027....
December1,154....
1961—March1,079196....
June990323....
September1,26952128....
December1,185370....
1962—March1,233282....
June 1,226191....
September997....
December1,0021,0441,009

In addition to the above debts, over-seas monetary authorities also hold British Government stocks and Treasury bills. These figures have only been recorded from end–1962 onwards and are given in the same published sources Available figures are as follows:

£ million*

United Kingdom official short and medium-term borrowing from abroad

United Kingdom Government sterling liabilities held by central monetary institutions

Total gold and convertible currency reserves

International Monetary Fund

Other Monetary authorities

British Government Stocks†

Treasury bills

1963-March 1,005901,044995
June969361,0191,036
September9771,0321,002
December9491,0181,128
1964-March 9501,0281,112
June96651,0271,206
September907711,0291,203
December8273572161,0871,044
1965—March 8323513931,143880
June9978512241,127794
September9848514071,062722
December1,0738463261,073784
1966—March 1,2768801751,009818
June1,1708682441,067851
September1,1298676921,074670
December1,1078616201,037727
1967—March 1,1648351941,042719
June1,0126652241,023667
September9766567031,013649
December1,1236281,439985589
1968—March 1,1346281,969995650
June1,1181,2111,891884602
September1,1321,1761,964924548
December1,0091,1342,229961542
1969—March 1,0291,0002,1111,004581
June1,0181,1251,8931,072511
September1,0141,1151,9461,191437
December1,0531,1041,5601,283446
1970—March 1,1291,0006541,322444
June1,1639924691,367523
September1,1119856261,396423
December1,1789703991,381455
1971—March 1,3826831,442502
June1,5086751,475642
September2,0894151,428693
December2,5264151,416818
1972—March 2,7044031,479780
June2,8501,0671,478766
September2,516†1,444887
December2,4041,572998
1973—March2,4361,592903
June2,7161,692838
September2,6441,575649
December2,7871,556674
1974—March2,6921,660739
June2,8071,437998
September3,0741,3811,373
December2,8901,421†1,746
1975—March2,9621,059†1,892
June2,8371,0521,829
September2,8679851,351
December2,6831,1431,261
1976—March3,0826301,1331,380
June2,9761,1495771,134896
September3,0921,2309261,108657

* Data denominated in dollars are converted to sterling at £1= $2·8 up to September 1967; thereafter at £1= $2·4 until September 1971; at £1= $2·60571 for December 1971 and at end-period middle market closing rates thereafter. Where holdings are denominated in non-dollar convertible currencies, these are converted to units of US dollars using middle or central rates prior to being converted to sterling using the above factors.

†Changes in definitions and coverage at December 1974 reduced the value of holdings of British Government stocks at that time from £1,421 million to £1,053 million.
‡ From July 1972, the gold and convertible currency reserves were redefined to include the United Kingdom reserve position in the IMF which at that time amounted to $760 million (£310 million).
..Not available.