Foreign Currency Reserves 2026 – Market Notice 22 September 2026

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT

The Bank of England 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. 

Pursuant to the Market Notice published on 23 September 2025, the Bank of England announced that it would shift to targeting two benchmark issuances annually to finance its foreign exchange reserves with a regular timetable, a high degree of transparency and a group of banks to market and distribute each issue.  

FCA/ICMA stabilisation applies. The manufacturer target market (UK MiFIR/MiFID II Product Governance) is ECP/Professionals only (all distribution channels). 

This market notice is being issued in reliance on Rule 135e of the United States Securities Act of 1933, as amended (the “Securities Act”). This market notice is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from registration. The Bank of England does not intend to register the securities under the securities laws of the United States or conduct a public offering of the securities in the United States.