Intervention costly
NZPA-Reuter London Britain suffered the biggest ever monthly drop in its gold and foreign currency reserves in April when they fell SUS32BOM to SI7,(MOM. The previous biggest monthly fall was of SII2OM in March, 1976, according to The Treasury. The April drain of Britain’s reserves was partly caused by the Government’s decision to make early repayments of $943M to the International Monetary Fund but it was also the result of intervention on the foreign exchange market by the [Bank of England, to support sterling. , The British reserves reached their lowest point of 154130 M in December. 1976, [and were at their height in : January 1978 when they [stood at $20,870M. | One announcement of- a [record monthly fall did not [seem to have any immediate 'effect on sterling’s exchange rate in London. The pound [was trading at $U51.8287, i slightly up from its opening of $1.8261. Sterling has lost about a net seven per cent of its value against the dollar since the beginning of the i year.
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Press, 8 May 1978, Page 18
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169Intervention costly Press, 8 May 1978, Page 18
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