Bank of England allots record 40 billion pounds in weekly repo

(Reuters) – The Bank of England allotted a record 40.29 billion pounds ($53.02 billion) in seven-day funds in its weekly short-term repo on Thursday, up from 36.584 billion pounds last week.

Repos, or repurchase agreements, allow banks to temporarily exchange government bonds they own for central bank cash, helping to keep market interest rates in line with the BoE’s policy rate.

($1 = 0.7599 pounds)