Wednesday, 1 May 2013

Reserve Balances for UK Banks Increases by 2.3% in April to Reach New All-Time High

Following declining reserve balances for UK banks since December last year, the reserves shot up in April by 2.3% (£6.437 billion) on March to finish the month on £285.13 billion.

According to the data released today by the Bank of England (BOE), this was the highest reserve balance ever reported for UK banks and was some 2.54 times higher than the average monthly reserve balance of £112.3 billion based on data since May 2006.

Compared to April last year, reserve balances increased by 30.7%. This was however the lowest year on year (YoY) growth rate since January 2012.

Narrow money (notes & coins) increased 0.9% on March and 4.8% on April last year.

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