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Gold and Foreign Exchange Reserves

Treasury written question – answered on 5th December 2018.

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Photo of Viscount Waverley Viscount Waverley Crossbench

To ask Her Majesty's Government whether they have a role in deciding for which foreign governments and central banks the Bank of England should hold gold reserves; and if so, for which foreign governments and central banks the Bank of England holds gold reserves, and in what quantities.

Photo of Lord Bates Lord Bates The Minister of State, Department for International Development

HM Treasury does not have a role in deciding whether the Bank of England holds gold for foreign governments and central banks. HM Treasury is unable to substantiate whether the Bank of England holds gold for particular foreign governments and central banks as that is a matter for the Bank of England. The Bank of England does not share information on which foreign governments and central banks it holds gold reserves on behalf of or the value of that gold as this would contradict their customer confidentiality obligations.

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