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UK banks' BoE dollar demand jumps to highest since April 1

Reuters - UK Focus
Updated ·1-min read

LONDON, May 4 (Reuters) - British financial institutions bid for and received the highest volume of U.S. dollars since April 1 at Monday's daily Bank of England auction for seven-day dollar funds.

British-based banks and other financial institutions asked for $5.255 billion of seven-day funds in exchange for sterling collateral, up from zero at the last operation on Thursday and just above a previous peak of $5.250 on April 24.

The BoE started the daily operations in March as part of joint action with other central banks to ease money market tensions caused by the coronavirus.

There was no operation on Friday, due to a public holiday in much of the rest of western Europe. (Reporting by David Milliken; edititing by Kate Holton)