US Fed reopens currency swap lines with ECB, others

The US Federal Reserve reopened currency swap facilities with other major central banks on Sunday to help ease market strains in Europe. The Fed revived facilities established during the 2007-2008 financial crisis with the European Central Bank, the banks of Canada and England, and the Swiss National Bank. “These facilities are designed to help improve liquidity conditions in US dollar funding markets and to prevent the spread of strains to other markets and financial centers,” the Fed said in a statement.

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