asked the Minister for Finance our official reserves in 1978 as a percentage of the value of our imports in that year, how this compares with the average for OECD countries, the form in which these reserves are held and the annual income from them.
Written Answers. - Official Reserves.
244.
The following is the information requested:
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% |
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(a) Official External Reserves at end-December 1978 as a percentage of imports in 1978 |
33.8 |
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(b) External Reserves of OECD member countries at end-1978 as a percentage of imports in 1978¹ |
25.0 |
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(c) The form in which the Official External Reserves are held, and the amounts at end-December 1978 are as follows: |
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Gold |
SDRs² |
Reserve Position in IMF |
Foreign Exchange |
Total |
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Sterling |
Other |
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£m. |
7.6 |
21.8 |
29.3 |
153.7 |
1,039.5 |
1,251.9 |
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(d) The official external reserves represent the external holdings of the Central Bank and the income derived from them is comprehended in the Bank's total investment income. It is not the practice to disclose it separately. |
Notes:
(1) This is an estimate as complete data for all OECD countries are not yet available in respect of 1978.
(2) SDR Special Drawing Right, a reserve asset created by the International Monetary Fund (IMF).