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Bloomberg: U.S. Fed Agrees to $30 Billion Swap With Four Central Banks (September 24)
The U.S. Federal Reserve agreed to channel $30 billion into the global financial system by opening currency swap lines with central banks in Norway, Sweden, Denmark and Australia. The Fed set up the currency exchange to address ``elevated pressures'' in dollar funding in markets, the Board of Governors said today in a statement. The U.S. is broadening its effort to revive confidence in markets as concern mounts that a $700 billion plan to rescue the banking system may face delays in Congress. The Fed last week expanded its swap lines with the European Central Bank and Swiss National Bank by $70 billion, and created $110 billion in new facilities with central banks in Japan, the U.K. and Canada.
The Fed set up the currency exchange to address ``elevated pressures'' in dollar funding in markets, the Board of Governors said today in a statement.
The U.S. is broadening its effort to revive confidence in markets as concern mounts that a $700 billion plan to rescue the banking system may face delays in Congress. The Fed last week expanded its swap lines with the European Central Bank and Swiss National Bank by $70 billion, and created $110 billion in new facilities with central banks in Japan, the U.K. and Canada.
