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15-06-2016, 10:05 AM
Global central banks are preparing for the Brexit...
Global central banks prepare swap facilities for Brexit vote
15 Jun 2016 00:01
[FRANKFURT] Central banks around the globe are preparing financial backstops to mitigate market turmoil in case Britons vote next week to leave the European Union, hoping to buffer the real economy from any short-term impact.
Operating with so-called swap lines, the world's biggest central banks stand ready to temporarily exchange currencies in potentially unlimited quantities if financial market disruption leaves banks and exporters short of foreign currency.
Policymakers fear that a British vote on June 23 to leave the 28-nation EU, known as 'Brexit', could trigger an exodus of cash from Britain, paralysing currency markets and weighing immediately on growth if firms cannot gain access to foreign currency needed for their day to day business.
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Source: Straits Times
Global central banks prepare swap facilities for Brexit vote
15 Jun 2016 00:01
[FRANKFURT] Central banks around the globe are preparing financial backstops to mitigate market turmoil in case Britons vote next week to leave the European Union, hoping to buffer the real economy from any short-term impact.
Operating with so-called swap lines, the world's biggest central banks stand ready to temporarily exchange currencies in potentially unlimited quantities if financial market disruption leaves banks and exporters short of foreign currency.
Policymakers fear that a British vote on June 23 to leave the 28-nation EU, known as 'Brexit', could trigger an exodus of cash from Britain, paralysing currency markets and weighing immediately on growth if firms cannot gain access to foreign currency needed for their day to day business.
...
Source: Straits Times
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