Sterling Monetary Framework

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UK central bank oversight.


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