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NZ central bank agrees US$15b swap facility with Fed

Wednesday 29th October 2008

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The Reserve Bank of New Zealand has gained approval from the US Federal Reserve for a US$15 billion swap facility to provide liquidity to the local financial markets.

"While there is no need to use the facility right now, it is useful to have this capacity if markets become dysfunctional," Deputy Governor Grant Spencer said in a statement emailed to BusinessWire.

The temporary reciprocal currency is aimed at addressing "ongoing elevated pressures in US dollar short-term funding markets," the central bank said. The facility has been authorized through until April 30 next year.

By Jonathan Underhill



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