The pound remained steady on currency markets yesterday, trading at 84p sterling and DM2.50. The Minister for Finance's refusal to comment on the rate at which the currency would join monetary union came too late to have any impact on its value.

Dealers reported substantial buying and selling of the pound in the market yesterday, providing some support for the currency.

Some suggest that the Minister's consistent silence on the exchange rate will confirm the view within the market that the pound will enter European Monetary Union at its ERM central rate of DM2.41.