The Turkish Central Bank trimmed its policy rate by 150 basis points from 10.5 to 9 percent following its Monetary Policy Committee meeting.
BIS says crypto’s structural flaws make it an unsuitable basis for a monetary system. Instead, central bank digital currencies offer a better solution for settlements, transfers and payments.
The Bukele government believes bitcoin can provide monetary sovereignty and financial inclusion to millions. But many Salvadorians remain skeptical about the move.
Turkish economy is projected to grow 2.6 percent and 3.5 percent in 2021 and 2022 respectively in latest economic survey by Organisation for Economic Co-operation and Development.
"We are working on both strengthening our economic policies and raising the bar of democracy and freedoms while easing daily life for our citizens," the Turkish president says.
Mirroring the emptying of supermarket shelves around the world, indebted corporates have rushed into money markets to hoard dollars, with a global shortage of greenback funding threatening to cripple firms from airlines to retailers.
Turkish central bank has underlined that the downside risks of the year-end inflation projection have risen, led by a mild trend in core inflation indicators.
The Federal Reserve took emergency action to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds.
The fallout from the 2008 global financial crisis refuses to go away and now leading economists may be looking to upend traditional neoliberal economic policy.
Stocks are slipping in early trading on Wall Street as traders hold back ahead of an interest rate announcement from the Federal Reserve.
It remains to be seen if the measures are enough to spur spending.
The bank lowered its one-week repo rate 325 basis points from 19.75 percent to 16.50 percent.
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