Bank of England to buy up to 5 billion pounds of gilts a day

A commuter walks past the Bank of England, in London, Britain, September 26, 2022. REUTERS/Peter Nicholls/File Photo

LONDON, Sept 28 (Reuters) - The Bank of England said it would buy up to 5 billion pounds ($5.31 billion) a day of British government bonds with a residual maturity of at least 20 years, starting on Wednesday, in order to restore stability to the gilt market.

The first reverse auction to purchase the debt will take place from 1400 to 1430 GMT, with subsequent auctions on week days between 1315 and 1345 GMT, the BoE said in a statement to markets.

($1 = 0.9410 pounds)

Reporting by David Milliken; editing by William James

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