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Federal Reserve Announces Massive Expansion Of International Global Swap Lines

Published: March 19, 2020
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<i> Federal Reserve Board Building, Washington D.C., Image Source: <a href='https://commons.wikimedia.org/wiki/File:Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg'>Wiki Commons</a></i>
Federal Reserve Board Building, Washington D.C., Image Source: Wiki Commons
 
And they continue to plow money into the system from every angle they can think of.

The Federal Reserve this morning announced the establishment of temporary U.S. dollar liquidity arrangements (swap lines) with

  • the Reserve Bank of Australia
  • the Banco Central do Brasil
  • the Danmarks Nationalbank (Denmark)
  • the Bank of Korea
  • the Banco de Mexico
  • the Norges Bank (Norway)
  • the Reserve Bank of New Zealand
  • the Monetary Authority of Singapore
  • he Sveriges Riksbank (Sweden).

These new facilities will support the provision of U.S. dollar liquidity in amounts up to $60 billion each for the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Korea, the Banco de Mexico, the Monetary Authority of Singapore, and the Sveriges Riksbank and $30 billion each for the Danmarks Nationalbank, the Norges Bank, and the Reserve Bank of New Zealand. These U.S. dollar liquidity arrangements will be in place for at least six months.

That is a total amount of facilities available of $470 billion.

The Federal Reserve already has standing U.S. dollar liquidity swap lines with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank.

-RW

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