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State banks urged to back banking system

07 October, 2008

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The International Monetary Fund urged Tuesday that central banks provide direct and limited support to the banking system amid the financial crisis, saying some 657 billion dollars will be needed in the next several years.

“With financial markets worldwide facing growing turmoil, internationally coherent and decisive policy measures will be required to restore confidence in the global financial system," the IMF said in releasing its annual Global Financial Stability Report (GFSR).

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