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Exchange Rate Mechanism

Volume 183: debated on Tuesday 15 January 1991

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To ask the Chancellor of the Exchequer if he will give sterling's range of variation against (a) the franc, (b) the deutschmark, (c) the lira and (d) within the 6 per cent. bands for each month since Britain joined the exchange rate mechanism and for (a),(b) and (c) for the three months before joining.

Sterling's variation against the franc, deutschmark and lira before and after its entry to the ERM, and the greatest percentage dievations from sterling's central rates against all the other ERM currencies since entry are as follows:

Total changeLevel of reserves at end of month
November-10238,470
December-638,464
1 Sterling entered the ERM on 8 October 1990.

To ask the Chancellor of the Exchequer what are the top and bottom of the pound's bands within the exchange rate mechanism and the highest and lowest points within them reached by sterling in each month since membership.

Sterling's upper and lower limits against the other ERM currencies, and the highest and lowest points at close of business since sterling's entry to the mechanism, are as follows:

October

1

November

December

January

2

Currency

Upper limit

Lower limit

High

Low

High

Low

High

Low

High

Low

Belgian/Luxembourg Franc364·657·362·360·260·659·760·059·060·359·6
French Franc10·519·3210·159·829·909·749·839·729·979·80
Italian Lira2,3442,0792,2672,2002,2052,1752,1802,1552,2002,180
Dutch Florin3·533·133·413·303·313·263·273·223·303·26
Deutschemark3·1322·7783·0252·9292·9362·8872·9032·8522·9262·888
Danish Krone11·9510·6011·5411·1911·2411·0711·1411·2011·2711·14
Irish Punt1·1691·0371·1311·0891·1001·0771·0981·0681·0801·076
Spanish Peseta203·6180·6190·0183·8186·2183·6185·0182·8184·8184·0

1 From 8 October.

2 To 13 January 1991.

3 The exchange rate between the Belgian franc and the Luxembourg franc is fixed, with no margin of fluctuation.