The number of dollar-denominated debt issued by financial institutions reached a record high in the third quarter, as the impact of central banks eased. This was reported in the quarterly review of the Bank for International Settlements.

"Central banks have faded into the background", - said Claudio Borio, head of the Monetary and Economic Department of BIS.

Total issuance of international debt securities fell by 10 percent in the third quarter, reaching $ 1.4 trillion. In the advanced economies, which were seen repayment rates below average, quarterly net issuance rose by 40 per cent since the beginning of the year, reaching its highest level since 2009. As for emerging markets, quarterly net issuance dropped by 35 percent compared to the abnormally high volume in the previous quarter.