Forex swaps with ECB total $60 million: NY Fed

NEW YORK (BestGrowthStock) – The Federal Reserve provided $60 million of liquidity to foreign central banks in the latest week, the New York Fed said on Thursday.

The European Central Bank was the sole institution to tap the swap lines in the week ended November 3, swapping the full amount.

The terms for the ECB swap were seven days at 1.19 percent, the New York Fed added.

The Federal Reserve has established swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan in an effort to respond to the re-emergence of strains in short-term funding markets in Europe.

Forex swaps with ECB total $60 million: NY Fed