97/97
4 August 1997
THE RESERVES IN JULY 1997
End July reserve figures
The overall level of the UK's official reserves rose by $581 million in July, bringing the end-July reserves to $41,141 million (25,127 million Pounds [1]), compared with $40,559 million (24,380 million Pounds [2]) at the end of June.
The underlying change in the reserves was a rise of $18 million.
The underlying change excludes a number of factors which are included in the total change:-
- There were repayments of borrowing under the Exchange Cover Scheme (ECS) of $4 million;
- Revaluation arising from EMI swap of $44 million
- HMG debt assigned from Public Sector of $50 million
- HMG ECU Treasury Bills maturing exceeded those issued by $1 million
- HMG ECU Treasury Notes issue of $575 million
|
$ million |
|
| End July reserves |
41141 |
| Less | |
| End June reserves |
40559 |
| OVERALL CHANGE |
581 |
| less adjustments |
563 |
| UNDERLYING CHANGE |
18 |
Notes to Editors
1. The underlying change is the result of a variety of transactions, both debits and credits, including, for example, transactions for Government departments, transactions with other central banks, and interest receipts and payments. For these reasons, the underlying change should not be taken as an indication of market intervention.
2. Because there is a two day settlement lag in the foreign exchange market, the July reserves figures include transactions for the last two working days of June and exclude operations in the last two working days of July.
3. The above figures can also be obtained from the Reuters Monitor (page TREA), Bridge News (p 170), Telerate (p22494) and Topic (p6800).
4. Repayments under the public sector Exchange Cover Scheme in July were as follows:-
| Organisation |
$ million |
| Edinburgh County Council |
2.0 |
| Grampian Regional Council |
1.0 |
| Bradford County Council |
0.5 |
| Other smaller repayments |
0.5 |
| TOTAL |
4 |