The Bank of England has published an unusual account of the logistical operation required to evacuate its currency operations from St Helena and Ascension Island, two British Overseas Territories in the South Atlantic whose remote location makes the routine business of currency management a significant logistical challenge.
The account, published on the Bank's website, describes the operation that was mounted when a medical emergency on St Helena required the evacuation of Bank staff and the simultaneous need to ensure that the territory's currency supply was not disrupted. The operation involved coordination between the Bank, the Foreign Office, the Royal Air Force and the governments of both territories.
The publication of the account is part of the Bank's programme of public engagement, designed to give the public a behind-the-scenes view of the work that the central bank does beyond the interest rate decisions and financial stability assessments that dominate its public profile. The Bank's currency operations are a significant logistical undertaking, involving the production, distribution and destruction of billions of banknotes each year, and the maintenance of currency supplies to territories that are thousands of miles from the United Kingdom.
The Bank said the operation had been successful and that the currency supply to both territories had been maintained without interruption. The staff involved in the evacuation have since returned to their posts. The Bank said it would continue to publish accounts of its operations that demonstrated the range and complexity of its work.
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