BoE reports biggest usage of short-term liquidity repo

LONDON (Reuters) – The Bank of England allotted 5.150 billion pounds ($6.50 billion) of one-week funds in its short-term repo operation on Thursday, the largest usage of the facility since it launched in October 2022.

The BoE uses the weekly repo to help keep money market rates close to its official Bank Rate while the BoE drains reserves from the financial system as it unwinds its quantitative easing programme.

($1 = 0.7927 pounds)