FRANKFURT, Germany (AP) — Major central banks around the globe took coordinated action today to ease the strains on the world’s financial system, saying they would make it easier for banks to get dollars if they need them. Stock markets rose sharply on the move.
The European Central Bank, U.S. Federal Reserve, the Bank of England and the central banks of Canada, Japan and Switzerland are took part.
A statement said the central banks have agreed to reduce the cost of temporary dollar loans to banks — called liquidity swaps — by a half percentage point. The new, lower rate will be applied to all central bank operations starting on Monday.
Comments are not available on this story.
Send questions/comments to the editors.
filed under:
Related Stories
Latest Articles
