BRITISH TRADE
Reserves at record level (N.Z.P.A. -Reuter—Copyright) LONDON, August 3. Britain’s gold and dollar reserves rose £losm to £1613m in July and are now at the highest level recorded, the Government announced today.
The increase is the biggest monthly gain since May, 1965, apart from an exceptional £225m rise in January, 1966, when Britain’s portfolio of dollar securities was sold during a sterling crisis. It is understood that no overseas debts tyere repaid during the month, but the big gain recorded. will make It easier for the Government to implement its already announced promise to pay off in advance an International Monetary Fund debt of £256
million. , This debt is .to be repaid during August. When it is, it will have reduced Britain’s indebtedness to the fund to £4l7m a reduction ot £1044m since June last year.
Kanieri Gold
The Kanieri gold dredge won 7250 z of bullion during July after working 494 hours and moving 336,000 yards of material.—(P.A.)
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Bibliographic details
Press, Volume CXI, Issue 32677, 5 August 1971, Page 16
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161BRITISH TRADE Press, Volume CXI, Issue 32677, 5 August 1971, Page 16
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