BoC, BoE, BoJ, ECB and the Federal Reserve announced announced an expansion in the frequency of USD swap line operations from weekly to daily. Press Release: To improve the swap lines' effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 20, 2023, and will continue at least through the end of April. The network of swap lines among these central banks is a set of available standing facilities and serve as an important liquidity backstop to ease strains in global funding markets , thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses. For the week ending 15 March 2023, the facility usage was to the tune of USD 472 mn. The facility is used extensively in times of severe stress as in during the covid crisis or the Global Fin...
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