Fed, central banks enhance ‘swap lines’ to combat banking crisis
The United States Federal Reserve has announced a coordinated effort with five other central banks aimed at keeping the U.S.
dollar flowing amid a series of banking blowups in the U.S. and in Europe.The March 19 announcement from the U.S. Fed comes only a few hours after Swiss-based bank Credit Suisse was bought out by UBS for nearly $2 billion as part of an emergency plan led by Swiss authorities to preserve the country's financial stability.
According to the Federal Reserve Board, a plan to shore up liquidity conditions will be carried out through “swap lines” — an agreement between two central banks to exchange currencies.
Swap lines previously served as an emergency-like action for the Federal Reserve in the 2007-2008 global financial crisis and the 2020 response to the COVID-19 pandemic.
Read more on cointelegraph.com
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