LONDON, Feb 3 (Reuters) - The Bank of England is on
track to reduce its quantitative easing gilts holdings following
the timetable it planned last September, and is likely to
continue sales for years to come, BoE Chief Economist Huw Pill
said on Friday.
"The Bank is on track to run down this portfolio of
government bonds by the anticipated 80 billion (pounds) in the
course of the coming nine months or so," Pill said in a briefing
to businesses.
"My own view at this point ... is that we will certainly be
continuing to proceed with QT (quantitative tightening) to run
down this portfolio over the coming years," he added.
"This process of QT is likely to run in the background in
terms of the cyclical conduct of monetary policy for several
years," he said.
($1 = 0.8166 pounds)
(Reporting by David Milliken
Editing by William Schomberg)
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