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International swap lines: Using another tool that was important during the global financial crisis, the Fed made U.S. dollars available to foreign central banks to
International swap lines: Using another tool that was important during the global financial crisis, the Fed made U.S. dollars available to foreign central banks to improve the liquidity of global dollar funding markets and to help those authorities support their domestic banks who needed to raise dollar funding. In exchange, the Fed received foreign currencies and charged interest on the swaps. For the five central banks that have permanent swap lines with the FedCanada, England, the Eurozone, Japan, and Switzerlandthe Fed lowered its interest rate and extended the maturity of the swaps. It also provided temporary swap lines to the central banks of Australia, Brazil, Denmark, Mexico, New Zealand, Norway, Singapore, South Korea, and Sweden. In June 2021, the Fed extended these temporary swaps until December 31, 2021
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