The tower of the headquarters of the Bank for International Settlements (BIS) is seen in Basel, Switzerland March 18, 2021. REUTERS/Arnd WiegmannLONDON, Sept 19 (Reuters) - The world's central bank umbrella body, the Bank for International Settlements (BIS), has urged major economies to forge ahead with forceful interest rate hikes despite the growing threat of recessions and currency market volatility. The Switzerland-based BIS' quarterly report acknowledged that both recession and debt risks were rising, but said that bringing soaring global inflation back down remained paramount. "It is important to act in a timely and forceful way," the head of the BIS' Monetary and Economic Department, Claudio Borio, said. World currencies in 2022Register now for FREE unlimited access to Reuters.com RegisterReporting by Marc Jones; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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