LONDON (Reuters) -Banks borrowed 6.344 billion pounds ($8.42 billion) from the Bank of England at a weekly indexed long-term repo for six-month funds on Tuesday, the most since March 2020, at the start of the COVID-19 pandemic.
The BoE has been seeking to increase usage of the facility as it shifts away from a system of excess reserves in Britain’s banking system and unwinds much of the 875 billion pounds of quantitative easing gilt purchases it bought from 2009 to 2021.
(Writing by William Schomberg; editing by Suban Abdulla)
