The Exchange Equalisation Account (EEA) is the account that holds the UK's reserves of gold, foreign currencies and International Monetary Fund (IMF) Special Drawing Rights (SDRs).
The EEA was established in 1932 to provide a fund which could be used for “checking undue fluctuations in the exchange value of sterling”. Subsequent legislation has extended the possible use of this fund; and under the consolidating Exchange Equalisation Account Act 1979, it may also be used:
- to secure the conservation or disposition in the national interest of making payments abroad; and
- for certain purposes arising out of the UK’s membership of the IMF, including the holding, purchase and sale of SDRs.
Under the Finance Act 2000 (section 4 of the EEA Act 1979) the Treasury has a statutory obligation to publish a full set of annual financial accounts for the EEA. The accounts are audited by the National Audit Office and laid before both Houses of Parliament.
The maintenance and integrity of the content on thispage is the responsibility of the Accounting Officer; the work carried out by the auditors does not involve consideration of these matters and accordingly the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.