ECU Forward Market Grows In U.K. In 1st Qtr., Bank Of England Says
BANKS
The forward foreign exchange market in ECUs expanded briskly in London during the first quarter of this year, lending support to predictions that the ECU will eventually become an important transaction currency in Europe.
Bank of England data show that outstanding forward sales totaled 55.8 billion ECUs (about $67.3 billion) at the end of March 1990, up 44.2 percent from the end of December 1989 and 73.3 percent from March 1989. Similarly, outstanding forward purchases totaled 71 billion ECUs, a
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