London (longdogfinance) December 18, 2007: Five central banks from different nations have pledged to inject £49 billion of funds into money markets to limit the effect of the global credit crunch. The Bank of England will be throwing in £10 billion of emergency cash with an eye to reduce the cost of lending between retail and commercial banks that has increased in the past few weeks.
Lower lending costs between the banks will ease the pressure on consumers, giving a push to the slow economic growth. Financial experts say that the extra cash in the market will help in lowering the inter-bank lending rate that had remained high, despite the reduction in the base rate of interest. The London Inter-bank Offered Rate or LIBOR registered a fall when the central banks unveiled their plan to inject cash into the money markets.
The banks are unwilling to lend to each other amidst apprehensions that they might need spare cash to cover their losses arising from mortgage defaults and bad debts. Apart from the Bank of England and the U.S. Federal reserve, the European Central Bank and the central banks of Canada and Switzerland are also involved in the rescue plan
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