The Bank of England allotted 1.2 billion pounds ($1.55 billion) of one-week funds in its short-term repo (STR) operation on July 20, 2023, the second-largest usage of the facility since it launched in October. So far the STR – through which banks can access cash in exchange for the highest grade of collateral – has been used sparingly, but BoE officials expect it will be used more in future years when reserves become scarcer.
