TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 82

15-JUL-1992 16:09

DEF HKG

+ 852 865 3346 P.07

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"I believe that the Government owes the community a duty

of frankness and openness on major issues of public policy. The

case for

confidentiality bas fallen avay as our

framework has been developed and strengthened."

our ́ monetary

Mr. Maclood explained that he also took into account the

fact that most major economies publish such information and that

International Monetary Fund has recommended that Hong Kong follow this practice.

the

"Publication of the Exchange Fund balance sheet will make clear the strength ΟΙ Hong Kong's financial position to potential lenders and credit rating agencies and enable them to make an accurate assessment of our credit worthiness.

To nake comparisons easier, Mr. Macleod said he would also publish the figures for the period 1986-90. He said that he would publish a balance sheet for the Exchange Fund every year at about this time.