BIS chief Carstens expects major central banks to make significant interest rate cuts by year-end.

The Bank for International Settlements (BIS) chief, Agustín Carstens, says the Federal Reserve and European Central Bank are expected to make "major progress" in cutting interest rates this year. Carstens told CNBC that major central banks have made "very impressive advances" in lowering inflation, and that a looser monetary policy stance could be expected in the second half of the year.