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24 October 2020

Bank of England Moves Closer to Negative Interest Rates, Asks Banks if They Are Ready | News Bitcoin News

Bank of England Moves Closer to Negative Interest Rates, Asks Banks if They Are Ready | News Bitcoin News


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to provide details of how ready they are to deal with negative interest rates, asserting that for the policy to be effective, commercial banks need to be ready to implement it.

The Bank of England has asked commercial banks how ready they are to implement negative interest rates.

The central bank sent a letter, dated Monday, to the CEOs of commercial banks requesting information about their “Operational readiness for a zero or negative bank rate.” The letter is accompanied by a survey, which the central bank says will help it identify any “technical operational challenges associated with the implementation of a zero or negative bank rate, and to consider how best to prepare and prevent any unintended operational disruption.” Bank of England Deputy Governor Sam Woods explained in the letter:.

The letter explains that the Bank of England and the Prudential Regulation Authority “are commencing structured engagement on the operational considerations of a negative policy rate,” which include “being operationally ready to deal with a zero bank rate.” The central bank emphasized that it realized that a negative interest rate policy “could have wider implications” for commercial banks’ business and their customers.

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