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BIS calls on central banks for interest rate hike

The Bank for International Settlements (BIS) has called for an interest rate hike to prevent the surge in inflation turning into something even more problematic. BIS is the world’s central bank umbrella body. The Swiss-based BIS has recently discussed with top central bankers their current difficulties and one of the most turbulent starts to a year ever for global financial markets. Agustín Carstens, BIS general manager, said the key for central banks is to act quickly and decisively before inflation becomes entrenched. Carstens said the emphasis was to act in “quarters to come”. Carstens said the BIS’s own recent warnings about frothy asset prices meant the current correction was “not necessarily a complete surprise”. He added that there had not been “major market disruptions” so far, which was also reassuring.

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