Ministry of Defence: Gold and Foreign Exchange Reserves
(asked on 24th October 2016) - View Source
Question to the Ministry of Defence:
To ask the Secretary of State for Defence, whether his Department holds any foreign currency reserves.
This question was answered on 31st October 2016
The Ministry of Defence has a forward purchase programme for foreign currency, using services provided by the Bank of England as agent for HM Treasury's Exchange Equalisation Account. This provides the Department with a degree of price stability that is currently mitigating the effect of the sterling rate on the Department's costs.