U.K. Official Reserves Decrease In January

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The U.K. Government's net reserves fell US$250 million in January, taking the end-January total to US$32.67 billion, a report from HM Treasury showed Wednesday. Gross reserves stood at US$65.24 billion, down from US$66.35 billion in December.

Further, the report showed that the Bank of England's net holdings of foreign currency and gold fell US$2 million in January to US$2.99 million compared with US$4.9 million at end-December 2009.

Bank of England foreign currency assets and liabilities arise mainly from the central bank's foreign exchange reserves, deposits placed with the Bank by overseas central banks and other customers and other capital items.

The U.K. Government's net reserves fell US$250 million in January, taking the end-January total to US$32.67 billion, a report from HM Treasury showed Wednesday. (Market News Provided by RTTNews)