OMO changes must temper money-market woe: King

Mervyn King, the governor of the Bank of England, said the central bank must ensure its revised system for open market operations leads to overnight interbank rates remaining close to its official rate regardless of financial market conditions.

The primary objective of the Bank's revised system, which it is set to reveal "in due course", was "to implement monetary policy by keeping interest rates on overnight borrowing in the money markets in line with bank rate," King told the Treasury Select

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