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Federal Reserve Establishes Currency Swap Lines With Nine More Countries

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03/19/2020 | 08:19am EDT

By Nick Timiraos

The Federal Reserve said on Thursday it would establish a temporary program to help lend dollars to nine central banks to alleviate ongoing strains in financial markets.

The Fed on Sunday already announced it would adjust a program with five other foreign central banks to make U.S. dollars available overseas at near-zero interest rates and for periods of up to 84 days to ensure markets don't run short of currency outside of the U.S.

Many business transactions take place outside of the U.S. in dollars and foreign institutions also lend in dollars. The Fed used these "swap" lines aggressively in 2008 and 2009.

The facilities announced Thursday will provide up to $60 billion in dollar lending to central banks in Australia, Brazil, South Korea, Mexico, Singapore and Sweden, and $30 billion to central banks in Denmark, Norway and New Zealand.

The new arrangements will be in place for at least six months.

Write to Nick Timiraos at nick.timiraos@wsj.com

 

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