Another day. Another bank crisis. This time it’s the almost 167-year-old Credit Suisse bank. On Wednesday, after Saudi National Bank, said that it would not provide fresh funding to Credit Suisse, shares of the Swiss bank plummeted to a record low of $1.40 per share.
However, Saudi National Bank said that the panic around Credit Suisse is unwarranted. Meanwhile, to shore up its liquidity, Credit Suisse said that it would borrow up to $54 billion from the Swiss Central Bank. In this episode of news explained, Hamsini Karthik, Senior Assistant Editor, explains the ongoing Credit Suisse crisis, its impact on India and more. Listen in!
(Produced by Nabodita Ganguly)