Sterling Monetary Framework

UK central bank oversight.

(SMF).

The Sterling Monetary Framework (SMF) describes the Bank of England's operations in the sterling money markets.

The SMF includes:

• Operational Standing Facilities (OSFs).
• Liquidity insurance.

The SMF's purposes are to:

• Implement the Bank of England's Monetary Policy Committee's (MPC's) decisions in order to meet the UK government's inflation target.
• Reduce the risk and cost to the UK economy of any disruption to the critical financial services provided by banks and other participants in the SMF.

See also

• Bank of England
• Central bank
• Financial Policy Committee
• Inflation
• Liquidity insurance
• Monetary
• Monetary policy
• Monetary Policy Committee
• Money market
• Operational Standing Facilities
• Operations
• SMF participant
• Sterling