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The Bank of England reduces liquidity, and banks raise deposit interest rates to "attract funds".
According to Gate News bot and Bloomberg, major banks in the UK are offering unusually high interest rates to attract cash, which is the latest sign of reduced liquidity in the banking system due to the Bank of England's balance sheet shrinkage.
According to the overnight average index for the British pound (SONIA) released on Friday, the interest rates offered by banks most eager to attract overnight deposits have matched the Bank of England's benchmark rate for the first time since May 2020, excluding the brief spike at the end of the year. This index represents the amount banks pay to borrow pounds from other financial institutions.
This indicates that as the Bank of England reduces liquidity by cutting its bond holdings and terminating loan programs, banks are willing to offer higher interest rates to attract customer cash. These data further suggest an increased demand for excess cash, including the record use of the Bank of England's repo facility reaching £70 billion ($94 billion) on Thursday.
This development highlights the delicate balance officials need to strike as they attempt to free the market from years of abundant Liquidity. Vicky Saporta ( urged lending institutions to increase the use of conventional tools to avoid potential market pressures when the Bank of England reduces the size of its balance sheet.
Barclays strategist Moyeen Islam )Moyeen Islam( stated: "This again indicates that the liquidity situation is tighter than the Bank of England believes."
Interest rate adjustments are unusual because, after years of bond purchases by the central bank, banks are flush with cash and typically compensate customers for deposits at a level lower than the bank rate. This reflects a low demand for banks to attract liquidity and allows them to profit from the spread between the interest rate paid to customers and the rate obtained from depositing cash with the Bank of England.