Economy

Bank of England ‘stands ready to provide’ £250bn

The Bank of England "stands ready to provide" more than £250 billion of funds to aid the smooth functioning of markets after the Brexit vote, Governor Mark Carney said on Friday.

“As a backstop, and to support the functioning of markets, the Bank of England stands ready to provide more than £250 billion ($370 billion, €326 billion) of additional funds through its normal facilities,” Mr. Carney said in a televised statement.

“The Bank of England is also able to provide substantial liquidity in foreign currency, if required,” he added. 

The British central bank had earlier said that it would take “all necessary steps” to ensure monetary and financial stability after Britain's referendum decision to leave the European Union.

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Printable version | Oct 23, 2020 3:02:08 AM | https://www.thehindu.com/business/Economy/Bank-of-England-%E2%80%98stands-ready-to-provide%E2%80%99-%C2%A3250bn/article14399226.ece

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