Central bank

European Union leaders said on Thursday night that they will do whatever is necessary to protect citizens from the Covid-19 pandemic but failed to agree on specific measures.

The recent health crisis is dampening hopes of a credit rating upgrade for Greece. According to Capital Economics economist Melanie Debono, "it is now highly unlikely that any government will be upgraded by the credit rating agencies in the near future, given that the world is on the verge of a deep recession. Greece is not immune from this."

The Board of the National Bank of Romania (BNR) decided Friday in an emergency monetary policy sitting, to cut the key interest rate to 2 per cent, from 2.5 per cent, as of 23 March 2020, a release by the central bank informs.

Prime Minister Kyriakos Mitsotakis is expected to announce the suspension of all passenger flights to and from Greece on Thursday in a televised address expected later in the afternoon, as the government ramps up measures to limit the spread of the novel coronavirus.

According to information obtained by Kathimerini, the suspension will take effect on Sunday night (March 22).

The toughest job central banks face in the next five years is managing uncertainty. In the euro area, inflation is persistently low and the ammunition available to raise it is minimal. Meanwhile, structural changes, including the rise of the digital economy and its effects on productivity, and the threat to global open trade, imply that we do not know how the economy will work.

The Turkish Central Bank's official reserves stood at $102.5 billion as of the end of January, the bank announced on Feb. 28.

The January figures showed total reserve assets dropped 2.9 percent from the previous month.

Foreign currency reserves - in convertible foreign currencies - fell 4.7 percent to $73.5 billion during the same period.

The Turkish Central Bank's official reserves stood at $102.5 billion as of the end of January, the bank announced on Feb. 28.

The January figures showed total reserve assets dropped 2.9 percent from the previous month.

Foreign currency reserves - in convertible foreign currencies - fell 4.7 percent to $73.5 billion during the same period.

The Turkish Central Bank's decision on Feb. 19 to cut interest rates provided leverage for markets, employment and investments, said the head of the Foreign Economic Relations Board of Turkey (DEIK).

The bank's total reduction of 13.25 points over the last six monetary policy meetings supports Turkey's development strategy, Nail Olpak said in a press release on Feb. 19.

The Turkish Central Bank on Feb. 19 lowered its policy rate (one-week repo rate) by 50 basis points.

In a statement released after Feb. 19's Monetary Policy Committee (MPC) meeting, the bank said the policy rate dropped to 10.75 percent from 11.25 percent.

A survey by Turkey's state-run Anadolu Agency had forecasted a change between 25 and 75 basis points.

Economists forecast that Turkey's Central Bank will cut interest rates this week, according to an Anadolu Agency survey on Feb. 17.

The second Monetary Policy Committee (MPC) meeting of 2020 will be held on Feb. 19 to announce the bank's decision on interest rates.