Foreign Currency Reserves 2021 – Market Notice 14 September 2021

As part of the monetary policy framework introduced by the Chancellor of the Exchequer in 1997, the Bank of England holds its own foreign exchange reserves. These reserves are separate from the Government’s own foreign exchange reserves, which the Bank manages as the Treasury’s agent.

In December 2006 the Bank of England announced that these reserves will be financed by issuing medium-term securities on an annual basis. Going forward the Bank of England will diversify the sources of this funding to also include short-term securitiesfootnote [1]. The purpose of this is to provide greater flexibility, while also broadening the range of official institution assets to support balance sheet management practices. The Notes will be marketed and distributed via a dealer panel of banks.

Investors will be able to purchase notes from the dealer panel via Bloomberg and Reuters (or by telephone). The panel includes Barclays Bank PLC, Bank of America Europe DAC, Citigroup Global Markets Limited, ING Bank N.V. and UBS AG London Branch. The tenor of the Notes shall be not less than one day or more than 364 days from and including the date of issue, to (but excluding) the maturity date.

This market notice is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from registration. The Bank of England does not intend to register the Notes under the securities laws of the United States or conduct a public offering of the Notes in the United States.

No application will be made at any time to list the Notes on any stock exchange. A communication of an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”)) received in connection with the issue or sale of any Notes will only be made in circumstances in which Section 21(1) of the FSMA does not apply to the Bank of England.

Prospective investors are referred to the information memorandum relating to the Notes (the “Information Memorandum”), which is available on request from any of the banks on the dealer panel. No investment activity or investment decision relating to the Notes should be undertaken on the basis of or relying upon any information other than that contained in the Information Memorandum.

Please direct any questions on Bank of England foreign currency reserves and their financing to the Bank’s Press Office on + 44 (0)20 3461 4411 or, alternatively, email


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