Bank of England Foreign Currency Reserves – Market Notice 23 September 2025

The Bank of England is today announcing some changes to the financing of its foreign exchange reserves. 

The Bank’s issuance programme has been substantially unchanged since it was last updated nearly two decades ago. The Bank continues to review its programme in relation to its objectives and the growth of the wider market. As a result, the Bank has decided to shift to targeting two benchmark issuances each year. The change is expected to increase the size of the programme gradually over several years. 

The purpose of Bank of England bond issuances continues to be to fund the Bank’s own foreign exchange reserves, consistent with previous issuances. This update serves to strengthen the Bank’s reserves and enhance resilience.

The Bank will continue to issue medium-term securities with a regular timetable, a high degree of transparency and a group of banks to market and distribute each issue. Further details, including currency, maturity and the group of banks will be announced ahead of each issuance.

Please direct any questions on Bank of England foreign currency reserves to the press office press@bankofengland.co.uk.

Notes 

1. The Bank holds foreign exchange reserves in support of its policy objectives. These reserves are separate from the Government’s own foreign exchange reserves, which the Bank manages as the Treasury’s agent.
2. The Bank’s foreign exchange reserves are not linked to the UK DMO or HM Government funding.