§ 76. Mr. Bruce-Gardyne
asked the Chancellor of the Exchequer why Her Majesty's Government abandoned the practice of holding all but a small proportion of the central monetary reserves of the sterling area in gold.
§ Mr. MacDermot
The practice has not been abandoned. 61 per cent. of the reserves were held in gold at end-September 1966. The currency proportion is higher than in the past mainly because drawings from the International Monetary Fund and central bank assistance are taken and repayable in the form of currency.