BUSINESS US Fed opens liquidity facility for Brazil, Mexico, others

BUSINESS

US Fed opens liquidity facility for Brazil, Mexico, others

AFP

21:13, March 19, 2020

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Amid the global cash crunch caused by the coronavirus pandemic, the Federal Reserve on Thursday opened a facility to provide US dollars to more central banks, including Brazil and Mexico.

Emerging markets have been particularly hard hit by an outflow of funds during the crisis that has shut down huge swaths of the global economy, and the Fed move aims to "lessen strains in global US dollar funding markets."

The Fed will provide up to $60 billion each to the central banks of Australia, Brazil, South Korea, Mexico, Singapore and Sweden, and $30 billion each to Denmark, Norway and New Zealand.


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