The operation of monetary policy

Quarterly Bulletin 1997 Q2
Published on 01 June 1997
  • UK official interest rates remained unchanged at 6% in the first quarter of 1997.
  • Sterling appreciated by a further 2% in effective terms, to 98.0 on its exchange rate index.
  • Gilt yields, in common with yields on government bonds in many other major economies, rose in this period.
  • The Bank introduced reforms to its daily operations in the sterling money markets on 3 March.
  • Gross gilt sales were £9.7 billion, bringing the total for the 1996/97 financial year to £38.8 billion.
  • The Government’s financing requirement and remit to the Bank of England for the 1997/98 financial year was published on 12 March.

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