Pandemic purchases averted ‘destabilising loop’, BIS finds

Central banks tended to use different tactics in advanced and emerging economies, report says

The Bank for International Settlements, Basel
The Bank for International Settlements, Basel
Photo: Ulrich Roth

Central banks’ asset purchases during the Covid-19 pandemic helped avert a “destabilising loop of downward price spirals and fire sales”, a Bank for International Settlements report finds.

The report by the BIS’s Committee on the Global Financial System (CGFS) explores the motivations, transmission channels and design of different asset purchase programmes.

Central banks that used asset purchases (APs) tended to be successful in restoring monetary transmission, improving liquidity conditions

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