Gold and Foreign Exchange Reserves

- Friday, 22nd February 2008

 

 

Written Parliamentary Question (WPQ)
22.02.2008
472 c1111W
Lilley, Peter
Gold and Foreign Exchange Reserves
To ask the Chancellor of the Exchequer how much in net ounces of gold has been sold from the foreign exchange reserves since 1997; what the net proceeds have been from those sales; and what the current value would be of the amount sold.
Treasury
Eagle, Angela
[holding answer 20 February 2008]: 395 tonnes of gold were sold from the reserves between July 1999 and March 2002 and re-invested in interest-bearing foreign currency assets. Other central banks have adopted similar policies. The total proceeds were around $3.5 billion, equivalent to around £2.3 billion (using exchange rates at the time of the sales). On 15 February 2008, the current market value of the gold sold was around $11.5 billion, equivalent to around £5.8 billion.The programme was part of a restructuring of the foreign currency and gold reserves aimed at achieving a better-balanced portfolio. As a result of the programme a one-off reduction in risk of approximately 30 per cent. was achieved, as measured by a type of widely used financial risk model-Value-at-Risk.
187192
15.02.2008
20.02.2008
House of Commons (HoC)
Commons Chamber
Answered
07-08

 

 

Current Location:

 

Home / Parliament / Questions / 2008

Gold and Foreign Exchange Reserves

 

Search this Site

 

 

Contact Peter Lilley MP:

 

E-mail

feedback@peterlilley.co.uk