LONDON: The Bank of England announced an overhaul of the way it works with
banks and financial markets yesterday as it faced growing criticism of its response to possible manipulation of foreign exchange rates.
BoE Governor Mark Carney answered questions from lawmakers for four-and-a-half-hours, a large part of which was devoted to the Bank’s response to allegations that key currency benchmarks had been rigged.
Carney said a new deputy governor position, responsible for banking and markets, will be created as part of the shake-up.
Details of the new structure will be announced on March 18.
“One of the first tasks of that individual is that he or she will conduct a root-and-branch review of how we conduct market intelligence,” Carney said.Reuters
