Leaders of business associations have welcomed the Central Bank's move to hike its policy rate sharply by 650 basis points, calling it a step taken toward ensuring price and financial stability.
The Central Bank on June 22 increased its one-week repo auction rate from 8.5 percent to 15 percent. This has been the first rake hike since March 2021.
China's Central Bank yesterday cut two benchmark interest rates, following several similar measures in recent days in a bid to counter the post-COVID growth slowdown in the world's second-largest economy.
Last week, the People's Bank of China (PBoC) lowered two other key rates and pumped billions into financial markets, as fresh data showed the economy continued to struggle.
The European Commission is preparing to create a digital euro, it became clear from a draft law seen yesterday by DPA.
Consumers in Eurozone countries will be able to pay with the digital euro in a variety of ways, for example through their smartphones or smartwatches.
This payment method differs from paying by debit or credit card, DPA notes.
UBS is set to finalise the takeover of Credit Suisse today, but the hardest part is yet to come: turning the arranged marriage of Switzerland's biggest banks into a success.
On June 5, the two Zurich-based banks announced that the merger should be completed on June 12.
A merger this complex could turn out to be a nightmare, particularly given how little time UBS has had.