The overall level of the UK's official reserves rose by $49 million in November, bringing the end November reserves...
The overall level of the UK's official reserves rose by $49 million in November, bringing the end November reserves to $43,600 million (£29,429 million), compared with $43,551 million- (£29,264 million) at the end of October.
The underlying change in the reserves was a rise of $77 million.
The underlying change excludes a number of factors which are included in the total change. The dollar value of the existing amount outstanding under the UK ECU-demominated revolving credit facility fell by $2 million as a result of exchange rate changes. The proceeds from this month's tender of UK ECU Treasury Bills amounted to $1,167 million and maturing UK ECU Treasury Bills were $1,164 million. The underlying change also excludes repayments of borrowing under the exchange cover scheme (ECS) of $26 million and repayments of other public sector debt taken out under the ECS and assigned to HMG which amounted to $3 million. These changes are shown below.