Publication of narrow money data: the implications of money market reform

Quarterly Bulletin 2005 Q3
Published on 26 September 2005

By Norbert Janssen of the Bank’s Monetary and Financial Statistics Division and Peter Andrews of the Bank’s Monetary Assessment and Strategy Division.

The published M0 series comprises notes and coin in circulation and bankers’ operational balances at the Bank of England, with the latter accounting for a very small part of the whole. As part of the money market reforms to be introduced in 2006, banks and building societies will be able to hold interest-bearing reserve accounts at the Bank of England that will be much larger than their former operational balances. After the reform, the Bank plans to discontinue publication of M0 and instead publish separate series for notes and coin in circulation and banks’ and building societies’ reserves.

PDFPublication of narrow money data: the implications of money market reform

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