XCS(73)9
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Statement I:
Position at 24th September 1973
(1) Government:
(a)
Sterling Assets
£mn
Exchange Fund
234
General Account
106
Coinage Fund
13
Rehabilitation Loan Fund
3
Fiduciary Issue
10.
Total
366
(b)
Non-Sterling Assets
Exchange Fund
General Account
Gold
44
37
1
Total
82
(2) Local Banks' Deposits with
Exchange Fund
220
(3) Total Official Sterling Reserves
(i, e. (1)(a) + (2))
586
(4)
Total Official External Reserves
(i. e. (1) + (2))
668
Minimum Sterling Proportion
(i. e. (3) (4) x 100)
87.7%
Notes:
(i)
(ii)
All sterling securities are valued at normal valuation conventions on the basis of the position at 31st August 1973. No significant change in book values is, however, anticipated.
Non-sterling securities have been revalued at mid- market prices on 24th September 1973. (iii) Gold has been valued at the official price US$42, 22
per fine ounce,
(iv)
(v)
(vi)
All non-sterling assets (cash and investments) have been converted to sterling at mid-closing rates on 24th September 1973 supplied by the Bank of England. Local banks' deposits stood at £481 million at 6th July 1972; £425 million at 31st December 1972; and £295 million at 31st July 1973,
Total Official External Reserves does not include the non-sterling assets of the banking system, including their open foreign currency positions.
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