Monetary control next steps - Paper issued by the Bank on 12 March 1981

Quarterly Bulletin 1981 Q1
Published on 01 March 1981

This paper was issued by the Bank on 12 March 1981.

The Bank's Background Note of 24 November described a number of improvements to be made to the existing framework of monetary control. Among these improvements were changes in the Bank's methods of intervention in the money markets. The Background Note explained that it was envisaged that the Bank's intervention would place greater emphasis on open-market operations and less on discount window lending; and that it had been decided that these operations should continue to be conducted in the bill markets rather than through the inter-bank market, and in large part through the existing intermediaries, members of the London Discount Market Association, to whom discount window facilities would remain confined.

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