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Press Release
March 15, 2020

Coordinated Central Bank Action to Enhance the Provision of U.S. Dollar
For release at 5:00 p.m. EDT

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.
These central banks have agreed to lower the pricing on the standing U.S. dollar liquidity swap arrangements
by 25 basis points, so that the new rate will be the U.S. dollar overnight index swap (OIS) rate plus 25 basis
points. To increase the swap lines' effectiveness in providing term liquidity, the foreign central banks with
regular U.S. dollar liquidity operations have also agreed to begin offering U.S. dollars weekly in each
jurisdiction with an 84-day maturity, in addition to the 1-week maturity operations currently offered. These
changes will take effect with the next scheduled operations during the week of March 16.1 The new pricing
and maturity offerings will remain in place as long as appropriate to support the smooth functioning of U.S.
dollar funding markets.
The swap lines are 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, both domestically and abroad.
For media inquiries, call 202-452-2955.

1. Weekly operations are currently held by the Bank of England, the Bank of Japan, the European Central
Bank, and the Swiss National Bank. Return to text

Federal Reserve issues FOMC statement
Federal Reserve actions to support the flow of credit to households and businesses
Bank of Canada
Bank of England
Bank of Japan
European Central Bank
Swiss National Bank

Last Update: March 15, 2020