UK Official Foreign Exchange Reserves Rose $2.253bn In March

–UK Treasury Notes BOE FX Intervention During The Month
–FX Reserves Rise Follows G7 Action To Stem Yen’s Climb Post-Quake

LONDON (MNI) – UK Treasury official foreign exchange reserves rose
by $2.253bn last month, the UK Treasury announced today.

The rise in reserves — although not necessarily linked — came in
the month the Bank of England joined other Group of Seven central banks
in intervening to help stabilise the Japanese yen, following the March
11 earthquake and tsunami. The concerted intervention was carried out on
March 18.

A Treasury press release showed net foreign exchange reserves rose
by $2.253bn to $41.139. Gross FX reserves rose $211mn to $85.507bn.

“Intervention operations were undertaken by the Bank as instructed
by the Government,” the Treasury confirmed.

–London newsroom: 00 44 20 7 862 7492; email:ukeditorial@marketnews.com

[TOPICS: M$B$$$,M$BDS$,M$$FI$,MT$$$$,M$$BE$]