An Increase In UK Foreign Currency Reserves

A recent press notice concerning official holdings of international reserves from HM Treasury and the ONS shows that in December 2010 the UK Government's net foreign currency reserves stood at $38,366m, up $976m. Gross reserves were up $2,836m to $78,801m. The Bank of England's net level of reserves were up $18m to $2m and the gross level of holdings was up $2,890m to $27,500m.

There were no intervention operations in December 2010 to support sterling by the Government of by the Bank of England to support their monetary policy objectives.

Stocks Of International Currency Reserves

Movements in UK Government net foreign currency reserves in June meant they increased by $435m to a level of $34.7bn or £23.26m compared with $34.3bn or £23.77bn at the end of May 2010. Gross reserves decreased by $654m to $71.1bn. The Bank of England's net foreign currency and gold holdings decreased by $3.06m to a level of -$3.98m. Gross foreign currency holdings at the Bank of England increased by $876m to reach a level of $24.2bn.