Gold and Foreign Exchange Reserves:Written question - HL11689

Q
Asked on: 21 November 2018
Treasury
Gold and Foreign Exchange Reserves
Lords
To ask Her Majesty's Government what assessment they have made of (1) the benefits to the UK of holding gold reserves for other central banks, and (2) the value of gold held by the Bank of England for other central banks.
A
Answered by: Lord Bates
Answered on: 05 December 2018

HM Treasury is unable to substantiate whether the Bank of England holds gold for other central banks as that is a matter for the Bank of England. HM Treasury has not made an assessment of the benefits to the UK of the Bank of England holding gold reserves for other central banks. Holding gold reserves on behalf of any foreign central bank is a matter for the Bank of England. The Bank of England does not share information on which central banks it holds gold reserves on behalf of or the value of that gold as this would contradict their customer confidentiality obligations.

Share this page