European deal to help UK banks manage Brexit

Young journalists club

News ID: 36325
Publish Date: 15:08 - 05 March 2019
TEHRAN, Mar 05 - The central banks of the eurozone and Britain have agreed to activate a currency swap mechanism that would ensure British banks continue to have the access they need to euros, even during any market turmoil related to Brexit.

European deal to help UK banks manage BrexitTEHRAN, Young Journalists Club (YJC) - The move seems to be an attempt to shore up the stability of British banks in the case of a "no-deal" Brexit, a scenario in which Britain could fall out of the European Union without a deal on trade relations. That could stress the financial system, and providing liquidity would be one way for the central banks to keep the financial sector going.

The European Central Bank said Tuesday it is working closely with the Bank of England to monitor conditions in financial markets and stands ready to act as needed.

Source: AP

eu ، brexit ، bank
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