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What Are the Fed’s Dollar Swap Lines and FIMA Repos, and Why Do They Matter?
Making it easier for central banks to access U.S. dollars helps calm exchange rate volatility and allow markets and credit lines to operate smoothly.
Journal Article
The Fed’s Central Bank Swap Lines and FIMA Repo Facility
Building on the facility design and application experience from the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and introduced the new Foreign and International Monetary Authorities (FIMA) Repo Facility. While these facilities have similarities, they differ in their operations, breadth of counterparties, and range of potential effects. This article provides key details on these facilities and highlights evidence that they can reduce strains in global ...
Did the Fed’s Dollar Swap Lines Work?
In March, the Federal Reserve took steps to increase the supply of dollars to foreign markets to ensure liquidity and lessen volatility. Did the policies work?