Bank of England Boosts Cash Reserve Levels

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.)