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Exchange Reserves And Overseas Earnings

Volume 387: debated on Tuesday 22 November 1977

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asked Her Majesty's Government:Whether they will state in tabular form for each year from 1970 to 1976 inclusive:

  • (a) the monthly average level of United Kingdom gold and foreign exchange reserves during that year;
  • (b) the accretion to the reserves arising from the 25 per cent. Surrender requirement on realisation of foreign investments; and
  • (c) the net overseas earnings of United Kingdom private financial institutions.
  • The information requested is as follows:What is their current estimate of the yield to the reserves of the 25 per cent. Surrender requirement for 1977 and, in the light of the recent fall in the investment dollar premium, what forecast can be made of the likely yield in 1978.

    So far this year the yield has been at an annual rate of about £200 million. In recent years the yield has been at similar levels and it may be about the same next year.