BoE vows to fight Covid-19

LONDON: The Bank of England (BoE) says it is working with Britain’s finance ministry and international partners to make sure “all necessary steps are taken” to protect its banking system and the broader economy from the impact of coronavirus or Covid-19.

European shares steadied yesteday after their worst weekly fall since the 2008 financial crisis, driven by hopes that major central banks will step in to counter the impact of the epidemic on global growth.

The heads of the US Federal Reserve and the Bank of Japan have told investors that the central banks they lead will take steps necessary to respond to the spread of coronavirus, prompting investors have price in more stimulus. “The bank continues to monitor developments, ” the BoE said. — Reuters

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