Commentary

Quarterly Bulletin 1962 Q2
Published on 01 June 1962

Throughout the quarter, with little interruption, sterling was in good demand. Commercial demand from abroad is seasonally high at this time, and a strong revival in the inflow of funds, which began during February, had become well established by the end of the month. Gold and convertible currencies amounting to £80 million were added to the reserves during February, out of which a further repayment to the International Monetary Fund, costing £75 million, was made at the end of the month. Accruals to the reserves continued in March and April; Australia, whose reserves are mainly held in sterling, repaid the equivalent of £63 million in March to the I.M.F., and a further repayment by the United Kingdom, costing £25 million, was made at the end of April.

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