Central banks team up on foreign currency swaps

Published: 06 Apr 2009 18:14:34 PST

WASHINGTON, April 6 - The U.S. Federal Reserve said on Monday it was teaming up with four other central banks to get foreign currency liquidity to U.S. financial companies.

The swap lines, which are authorized through Oct. 30, provide up to 30 billion British pounds, 80 billion euros, 10 trillion yen, and 40 billion Swiss francs to American companies.

"Central banks continue to work together and are taking steps as appropriate to foster stability in global financial markets," the U.S. central bank said in a statement.

The swap arrangements involve the Bank of England, European Central Bank, Bank of Japan and Swiss National Bank.