Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (70693)	10/28/2008 9:49:34 PM
From: Elroy Jetson	1 Recommendation Read Replies (1) of 74559

Fed arranges $15 billion currency swap with the Reserve Bank of New Zealand Fed to supply $15B to New Zealand's central bank Tuesday October 28, Jeannine Aversa, AP Economics Writer Fed to supply $15 billion to New Zealand's central bank to help ease credit stresses WASHINGTON (AP) -- The Federal Reserve says it will supply New Zealand's central bank with up to $15 billion, part of an ongoing effort by the Fed to break through a global credit clog. Under the new "swap" arrangement, the Fed will provide dollars to the Reserve Bank of New Zealand in exchange for that country's currency. "This facility, like those already established with other central banks, is designed to help improve liquidity conditions in global financial markets," the Fed explained in a brief statement. The goal is to spur banks and other financial institutions to lend more freely, something that will help the U.S. and global economies. .

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