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Encyclopedia > Exchange Equalisation Account

The Exchange Equalisation Account (EEA) is the fund of Her Majesty's Treasury in the UK holding the country's reserves of foreign currencies, gold, and Special Drawing Rights. It can be used to manage the value of the pound sterling on international markets. The new eastern entrance to HM Treasury HM Treasury (Her/His Majestys Treasury) is the United Kingdom government department responsible for and putting into effect the UK Governments financial and economic policy. ... Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ... ISO 4217 Code GBP User(s) United Kingdom Inflation 2. ...


The EEA was established by Neville Chamberlain's budget of April 19, 1932 following the pound's exit from the gold exchange standard the previous September. Arthur Neville Chamberlain PC (18 March 1869–9 November 1940), known as Neville Chamberlain, was a British Conservative politician and Prime Minister of the United Kingdom from 1937 to 1940. ... April 19 is the 109th day of the year in the Gregorian calendar (110th in leap years). ... 1932 (MCMXXXII) was a leap year starting on Friday (the link will take you to a full 1932 calendar). ... This article is on the monetary principle. ...


The Exchange Stabilization Fund is a similar fund operated by the US Treasury since 1934. It was created as a response to the EEA.[1] The Exchange Stabilization Fund (ESF) is a branch of the United States Treasury Department which manages a portfolio of domestic and foreign currencies for the purpose of foreign exchange intervention. ... The United States Department of the Treasury is a Cabinet department and the treasury of the United States government. ... 1934 (MCMXXXIV) was a common year starting on Monday (link will take you to calendar). ...


References

  1. ^ Anna J. Schwartz. IMF’s Origins as a Blueprint for Its Future.

References

External links

  • Exchange Equalisation Accounts index at HM Treasury website

  Results from FactBites:
 
H.M. TREASURY (5518 words)
However, the Exchange Equalisation Account Act 1979 requires the Comptroller and Auditor General (CandAG) to certify to the House of Commons that the operations on, and transactions in connection with, the EEA have or have not been in accordance with the provisions of the Act.
The foreign currency reserves held in the EEA to provide the wherewithal for intervention in the foreign exchange market need to be carefully managed to ensure their liquidity and to avoid exposing the public purse to unnecessary risk.
The EEA is committed to sell back to the Local Authorities the foreign currency that they require to repay their borrowing at the same rate of exchange at which the initial borrowing took place.
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