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ECB cuts key rate to new low to help economy

The European Central Bank has cut its key interest rate by a quarter percentage point to a record low of 0.75 percent. The move followed a rate cut by China's central bank and new stimulus measures by the Bank of England.

The ECB cut Thursday in the refinancing rate is aimed at giving a further boost to the sagging European economy after a summit last week where leaders agreed on new steps to strengthen the euro currency.

The refinancing rate cut could mean lower borrowing costs for banks, businesses and consumers. Some economists say it may have only a symbolic effect, since rates are already very low. Lending activity remains weak because there's little demand from businesses for credit.

The ECB also cut its overnight deposit rate — what it charges banks for depositing their money with the ECB overnight — to zero. That is meant to encourage banks to invest their money in the economy rather than stash it with the ECB.

Source: Associated Press
Date: 05.07.2012 [325]

Financial and Banking News
 Federally chartered banks can facilitate stablecoin payments, issue their own

The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. 04.01.2021 | Source: Office of the Comptroller of the Currency

 Visa and BlockFi to launch Bitcoin rewards credit card

Visa Inc. is partnering with cryptocurrency startup BlockFi to offer a credit card that rewards purchases with Bitcoin rather than airline miles or cash. 02.12.2020 | Source: Bloomberg

 Banks may need political help to survive Big Tech

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the "real game changer." 09.12.2019 | Source: Bloomberg

 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

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