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Thursday, 16 March 1961

Mr HAROLD HOLT (HIGGINS, VICTORIA) (Treasurer) - The figures which are published each week refer to the gold and balances of the Reserve Bank, and they fall considerably below the total international reserves of the country. At the 30th December last, these stood at £376,000,000. My information is that they have not fallen appreciably below that figure since then, but they are published in total each six months, and the next publication will be at the end of June.

The honorable member asks by what amount our reserves have fallen as a result of our membership of the International Monetary Fund. We do not normally publish weekly figures. Our drawing rights on the International Monetary Fund stand at a total of £211,000,000. As a contribution towards those drawing rights, an amount of £33,000,000 in gold has gone from Australia, and this transaction would have the effect of reducing our overseas balances by that amount.

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