Reform of the Bank of England's operations

The Bank of England on 22 July announced the result of its review of its official operations in the sterling money markets. The Bank will initiate a new system based on averaging with voluntary reserves remunerated at the Bank's repo rate.

A timetable for the changes will be announced after further consultation with the market. The Governor said:

"These proposals represent a big step forward for the Bank and for the sterling money markets. I am grateful to all those who have responded so though

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