Global Economy Meeting and Official Bank Rate: Difference between pages

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The Global Economy Meeting (GEM) is the principal discussion forum of central bank Governors during the regular [[Bank for International Settlements]] (BIS) bimonthly meetings.
1. ''UK.''


The committee monitors and assesses developments in the world economy and the global financial system. It provides a forum for discussion and cooperation and central banks. It guides and receives reports from the Basel-based central bank committees: the [[Committee on the Global Financial System]] (CGFS), [[Committee on Payments and Market Infrastructures]] (CPMI) (called the Committee on Payment and Settlement Systems (CPSS) up to 1 September 2014) and the [[Markets Committee]].  
The official reference interest rate for the UK determined by the Bank of England's Monetary Policy Committee (MPC).


The GEM comprises the Governors of 30 BIS member central banks in major advanced and emerging market economies that account for about four fifths of global GDP and meetings are observed by Governors from several other central banks.
The Official Bank Rate is the rate used for certain key transactions between the Bank of England ('the Bank') and financial institutions.
 
It is designed to have the effect of determining the level of near risk-free interest rates throughout the UK financial sector.
 
 
It is used by many financial institutions when setting interest rates for certain of their products.
 
 
The Official Bank Rate is often known - externally to the Bank - as the 'Bank of England Base Rate' (BBR).
 
Within the Bank of England, it is often abbreviated to 'the Bank Rate'.
 
 
2.
 
Similar interest rates in other jurisdictions.
 
 
== See also ==
* [[Bank of England]]
* [[Bank Rate]]
* [[Base rate]]
* [[Monetary Policy Committee]]
* [[MLR]]
* [[Reference rate]]
* [[Term Funding Scheme]]

Revision as of 14:13, 23 March 2020

1. UK.

The official reference interest rate for the UK determined by the Bank of England's Monetary Policy Committee (MPC).

The Official Bank Rate is the rate used for certain key transactions between the Bank of England ('the Bank') and financial institutions.

It is designed to have the effect of determining the level of near risk-free interest rates throughout the UK financial sector.


It is used by many financial institutions when setting interest rates for certain of their products.


The Official Bank Rate is often known - externally to the Bank - as the 'Bank of England Base Rate' (BBR).

Within the Bank of England, it is often abbreviated to 'the Bank Rate'.


2.

Similar interest rates in other jurisdictions.


See also

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