The operation of monetary policy

Quarterly Bulletin 1996 Q4
Published on 01 December 1996
  • There was no change in UK official interest rates, which remained 5¾% throughout the period from July to September.
  • Sterling ended the period stronger, at its highest level on the effective exchange rate index (87.0) since March 1995.
  • Gilt sales of £11.2 billion were made in the period, bringing total gilt sales for the fiscal year to date to £22.3 billion.

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