143/98
2 September 1998
QUARTERLY REPORT ON UK OFFICIAL HOLDINGS OF FOREIGN CURRENCY AND GOLD: APRIL - JUNE 1998
The Treasury and the Bank of England published today the fourth edition of the Quarterly Report on UK official holdings of foreign currency and gold. The report gives details of the forward foreign exchange position, the currency composition of foreign currency assets, the size and currency composition of foreign currency liabilities for the Exchange Equalisation Account (EEA) and the Bank of England's holdings of foreign currency and gold.
The report shows that the level of the Government s reserves, including the forward book was $36.0 billion at end-June, an underlying reduction of $2 million on end-March. Net forward holdings of foreign currency were $1.23 billion at end- June.
The level of the Bank of England's holdings of foreign currency and gold was $1.66 billion at end-June.
No intervention operations were undertaken during the quarter to end June with either the Government's reserves or the Bank of England's holdings.
NOTES TO EDITORS
1. Media copies of the quarterly report are available from the Treasury Press Office on 0207 270 5185 or from the Bank of England Press Office on 0207 601 4411.
2. Non-media copies of the report are available from the Treasury Public Enquiry Unit on 0207 270 4558 or from the Bank of England on 0207 601 4878.
3. The quarterly report covering July - September 1998 will be published on 2 December 1998.