WASHINGTON--The Federal Reserve says it will supply new lines of credit to the central banks of Brazil, Mexico, South Korea and Singapore to help those countries deal with the global credit crisis.
The Fed says it will provide up to $30 billion to each of the central banks. It is the latest in a series of "swap" arrangements where the Fed provides dollars in exchange for reserves of the other nations' currencies.
The Fed said Wednesday that the new credit lines, like those already established with other countries, were designed "to help improve liquidity conditions in global financial markets" by increasing the global availability of U.S. dollars.
G7 Officials Vow to Stem Financial Crisis
Federal Reserve, Other Banks Step Up to Financial Crisis
Q&A: Interest rate cuts won’t have immediate impact
Rework of bailout plan revives hope
