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Session
X
1997-98
Type
House
Session
Year
Department
Member
Primary member
Answering member
Legislative stage
Legislation
Subject
Publisher
To ask Mr Chancellor of the Exchequer, what is Her Majesty's Government's policy on (a) a revaluation and (b) the sale of the IMF's gold reserves.
To ask Mr Chancellor of the Exchequer, what is Her Majesty's Government's policy on (a) a revaluation and (b) the sale of the IMF's gold reserves.
Asked by
Lord Tyrie
(Conservative)
Answered by
Patricia Hewitt
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
21 October 1998
For answer on
19 November 1998
Answered on
19 November 1998
Mr. Tyrie: To ask the Chancellor of the Exchequer what is Her Majesty's Government's policy on (a) a revaluation and (b) the sale of
the IMF's gold reserves. [56524]
Ms Hewitt: The UK Government support, and have been pressing for, the sale of a proportion of the IMF gold reserves to provide
financing for the HIPC initiative. The UK will continue to press for gold sales in the IMF Executive Board. Gold sales require the
approval of the Executive Board by a majority of 85 per cent., and we are therefore working closely with other members at the IMF to
secure Board approval. We would expect gold to be sold on the basis of market prices, in line with the provisions set out in the IMF
Articles of Agreement.
The IMF can use its gold only by selling it. Under the Second Amendment to the IMF Articles of Agreement, it cannot use gold in
loans, leases or as collateral in transactions and operations. Revaluation of gold in the IMF accounts would not therefore provide
any additional resources for IMF lending or financing.
Subjects
International Monetary Fund; Sales; Currency realignment; Gold and foreign exchange reserves
Date
19 November 1998
Reference
319 c841W; 56524
House
House of Commons