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Press Release

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March 19, 2023

Coordinated central bank action to enhance the provision of U.S.
dollar liquidity

For release at 5:00 p.m. EDT

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The Bank of Canada, the Bank of England, the Bank of Japan, the
European Central Bank, the Federal Reserve, and the Swiss National
Bank are today announcing a coordinated action to enhance the
provision of liquidity via the standing U.S. dollar liquidity swap
line arrangements.

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 media inquiries, please email [email protected] or call
202-452-2955

    Bank of Canada

    Bank of England

    Bank of Japan

    European Central Bank

    Swiss National Bank

Last Update: March 19, 2023

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