Bank of England Expands Central Bank Banking Services
The Bank of England has expanded its focus on central bank banking services to support international cooperation and financial stability. The institution provides wholesale banking services, including gold custody, sterling accounts, foreign currency business, and securities services to around 140 central banks worldwide.
The bank's core services include sterling payments through CHAPS, the UK's high-value payment system, which helps reinforce international co-operation and supports a broader network of monetary authorities and financial bodies. The institution also provides wholesale banking services to the UK government, including acting as settlement agent for the Debt Management Office's securities activities.
The Bank says its banking relationships with central banks help support reserve management by allowing them to hold and operate in sterling, other currencies, and gold. This underpins sterling's longstanding role as a global reserve currency and helps customers operate safely in London markets.