15-JUL-1992 16:07
DEF HKG
+ 852 865 3346 P.02
Statement by the Financial Secretary
The Honble Hamish Macleod on the Exchange Fund in the Legislative Council on 15 July 1992
Mr. Deputy President,
I would like to make an important announcement concerning the Exchange Fund. As Controller of the Fund, and after consulting the Exchange Fund Advisory Committee, I have decided to publish later today a balance sheet showing the overall size of the Fund, the amount of foreign currency reserves held and the accumulated earnings. I intend to publish such a balance sheet every year from now onwards.
2.
In reaching my decision to break with the tradition of confidentiality on this matter, I have had in mind five main considerations.
3. First, and very much my point of departure, I believe that public servants owe the community a duty of frankness and openness on important matters of public policy. For many years we have operated a policy of confidentiality on the Exchange Fund. We did so for good reasons. But the circumstances have changed and I am convinced that the time is now right to change this policy.
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