The process of purchasing bills from the banks and discount houses by the Bank of England is known as rediscounting.

Name: The process of purchasing bills from the banks and discount houses by the Bank of England is known as rediscounting.
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Rediscounting is the process where the Bank of England buys back bills (such as Treasury bills or commercial bills) from banks and discount houses, providing them with liquidity.

The Process of Purchasing Bills from the Banks and Discount