The Bank has recently reviewed the working of the monetary control arrangements introduced in August 1981. It has concluded that there is no reason to change the basic structure of those arrangements, which have worked satisfactorily in a period of considerable interest rate volatility and against a background of unexpectedly large and persistent shortages in the money markets. It nevertheless proposes a number of changes to the detail of the arrangements.
Monetary control arrangements - Notice issued by the Bank on 19 July