March 23, 2020 / 10:22 AM / 16 days ago

UK banks' dollar demand falls back sharply at BoE repo

FILE PHOTO: People walk in front of the Bank of England, as the number of coronavirus disease (COVID-19) cases grow around the world, in London, Britain, March 19, 2020. REUTERS/Simon Dawson/File Photo

LONDON (Reuters) - British banks’ demand for U.S. dollar liquidity from the Bank of England fell back sharply to normal levels on Monday, after last week brought the strongest demand since 2009, suggesting joint central bank action has eased some money market tensions.

Banks bid for just $5 million of funds at a new daily repo operation for seven-day U.S. dollar funds, down from $8.210 billion (7.1 billion pounds) at the regular weekly operation on March 18, which was the most lent in a single operation since February 2009.

Reporting by David Milliken; editing by Kate Holton

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