Sterling Convertibility

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 29 July 1947.

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Photo of Mr Oliver Crosthwaite-Eyre Mr Oliver Crosthwaite-Eyre , New Forest and Christchurch 12:00, 29 July 1947

Does that mean that all the sterling we have made available to the International Monetary Fund is convertible; and does it further mean that all currencies within the sterling area are ex-changeable first, into sterling, and, secondly, into any other currency?