3/20/2020, 3:18 PM (Source: TeleTrader)
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Fed, 5 other central banks move jointly to help dollar

Six central banks announced joint action on Friday to help the provision of the liquidity of the dollar, the United States Federal Reserve confirmed.

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank said they will be using standing dollar liquidity swap line arrangements.

The Fed's statement added: "these central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 23, 2020, and will continue at least through the end of April. The central banks also will continue to hold weekly 84-day maturity operations."

Breaking the News / VP