Press release

Central banks announce extended swap facilities with US Federal Reserve

To address continued pressures in global U.S. dollar funding markets, the temporary reciprocal currency arrangements (swap lines) between the Federal Reserve and other central banks have been extended to 30 October 2009.

This extension currently applies to the swap lines between the Federal Reserve and each of the following central banks: the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Canada, Danmarks Nationalbank, the Bank of England, the European Central Bank, the Bank of Korea, the Banco de Mexico, the Reserve Bank of New Zealand, Norges Bank, the Monetary Authority of Singapore, Sveriges Riksbank, and the Swiss National Bank. The Bank of Japan will consider the extension at its next Monetary Policy Meeting.

Action taken by Norges Bank

Norges Bank and the Federal Reserve have agreed to extend the existing swap facility (reciprocal currency arrangement) of USD 15 billion from 30 April 2009 to 30 October 2009. Should the need arise, Norges Bank can access the facility to provide US dollar liquidity in Norway.

Published 3 February 2009 16:00