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In a move to bolster Australia’s financial sector the RBA has established temporary reciprocal currency swap facilities with other international central banks, including the US Federal Reserve.
"These facilities, like those already in place with other central banks, are designed to improve liquidity conditions in global financial markets," the RBA said in a statement yesterday.
As part of the initiative, the RBA and Federal Reserve have agreed on a US$10 billion (A$12 billion) swap line to provide US dollar liquidity in Australia to address pressure in short-term lending markets.
“To further enhance the flexibility of its domestic liquidity management operations”, the Reserve Bank will also offer a short-term deposit facilities to institutions holding an exchange settlement account (ESA) and to authorised deposit-taking institutions (ADIs) that are members of RITS.
Published: 25-09-08
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