11/30/11 19:10
(http://www.klassa.bg/)
(http://www.klassa.bg/)
Coordinated action of central banks to save the financial system
The US Federal Reserve (Fed), the European Central Bank (ECB), the Bank of England, the Bank of Japan, the Bank of Canada and the Swiss National Bank have undertaken unprecedented coordinated action to ease the global financial system, struggling with the debt crisis in Europe, world media reported. The agreement between the financial institutions includes a reduction of the interest rate on credit lines in US dollars by 50 basis points, which will enter into effect as of December 5. The bankers’ move is aimed at facilitating the access of businesses and households to credits. This, according to Fed will boost the economic activity. Furthermore, the central banks have agreed to make temporary bilateral swap agreements. This will guarantee that no country will experience a shortage of the currency of any other country participating in the agreement. The news had a positive impact on global stock markets and indices’ growth speeded up.“The agreement will result in lower interest rates on loans, which will stimulate businesses and relieve households. Such a decision is the first one since the autumn of 2008, shortly after the bankruptcy of Lehman Brothers and the financial crisis,” commented Plamen Peichev, chief dealer at Trader.bg. The news boosted the euro and it immediately surged by almost 1% to USD 1.35. Stock exchanges changed colour from red to green. Meanwhile, The Financial Times reported that an increasing number of international companies юеre drafting plans for a response in case the Eurozone disintegrates. According to the newspaper, businesses are reducing the risk by transferring assets into cash and the most reliable investment tools.
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Публикувана на 11/30/11 19:10 http://www.klassa.bg/News/Read/article/188451_Coordinated+action+of+central+banks+to+save+the+financial+system
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