Ministry of Defence: Gold and Foreign Exchange Reserves

Ministry of Defence written question – answered at on 31 October 2016.

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Photo of Douglas Chapman Douglas Chapman Scottish National Party, Dunfermline and West Fife

To ask the Secretary of State for Defence, whether his Department holds any foreign currency reserves.

Photo of Michael Fallon Michael Fallon The Secretary of State for Defence

The Ministry of Defence has a forward purchase programme for foreign currency, using services provided by the Bank of England as agent for HM Treasury's Exchange Equalisation Account. This provides the Department with a degree of price stability that is currently mitigating the effect of the sterling rate on the Department's costs.

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