Bank of England allocates record 40 billion pounds in repo weekly by Reuters

(Reuters) – The Bank of England allocated a record 40.29 billion pounds ($53.02 billion) of 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 hold for central bank cash, helping to keep market interest rates in line with the BoE’s policy rate.

($1 = £0.7599)