The US Federal Reserve (Fed) has expanded its cooperation with the central banks of Europe, Japan, Canada, Switzerland and the UK to provide dollar liquidity to combat the economic effects of the corona virus outbreak.
Accordingly, central banks of Singapore, South Korea, Brazil, Sweden, Australia, New Zealand, Mexico, Norway and Denmark joined the swap line, where the FED provided dollars.
IT WILL TAKE 6 MONTHS
Within the scope of the swaps, it is stated that 60 billion dollars of swap will be made with the central banks of Australia, Brazil, South Korea, Mexico, Singapore and Sweden, and 30 billion dollars of swap with the central banks of Denmark, Norway and New Zealand, and the implementation will take 6 months.
With the outbreak, the FED had decided to cooperate with other central banks in order to meet the cash dollar needs that emerge in the global markets.
Currently there is no Central Bank of the Republic of Turkey on the list.
