Bank of England Boosts Cash Reserve Levels

The Bank of England announced an increase in the cash reserves for its weekly long-term repo operations, from 25 billion pounds to 35 billion pounds. This move aligns with plans proposed in the previous year.

The Bank of England announced on Wednesday an increase in the amount of cash reserves available through its weekly long-term repo operations. The reserves will rise to 35 billion pounds from the previous 25 billion pounds.

This adjustment is part of a strategy that aligns with recalibrated parameters set forth last year by the bank.

With the conversion rate of $1 equating to 0.7422 pounds, the new reserve limit stands at approximately $47.2 billion.

(With inputs from agencies.)