June 19, 2020 / 8:14 AM / 2 months ago

Bank of England scales back 7-day dollar liquidity operations

LONDON, June 19 (Reuters) - The Bank of England said it would reduce the frequency of its 7-day dollar liquidity operations, scaling back one of the measures it introduced at the onset of the coronavirus crisis to prevent the financial system from seizing up.

In coordination with other central banks, the BoE said it would hold 7-day dollar repo operations on Mondays, Wednesdays and Fridays from July 1 instead of daily.

The BoE’s weekly 84-day dollar repo operations would continue unchanged, it said.

Usage of the 7-day operations has tailed off sharply since demand soared in mid-March. (Reporting by William Schomberg, editing by David Milliken)

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