FACILITIES TO SWAP
U.S. And U.K. Bank Move (N.Z.P.A.-Reuter—Copyright) LONDON, September 15. The Bank of England yesterday announced an increase in its currency swap facilities with the Federal Reserve Bank of New York and other central banks. A swap facility is a reciprocal agreement between central banks to exchange their currencies on request, the amount drawn by one party being usually used to strengthen its own currency. A Bank of England spokesman emphasised that the new arrangement was not a new 1 rescue for sterling, but would 1 provide a safety margin to ! cope with any foreseeable contingency in Britain or other banking centres after ' recent unsettlement in world ; financial markets. i The announcement said the . Federal Reserve Bank of New ' York was also increasing its '■ swap facilities with other central banks.
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Bibliographic details
Press, Volume CVI, Issue 31167, 17 September 1966, Page 20
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132FACILITIES TO SWAP Press, Volume CVI, Issue 31167, 17 September 1966, Page 20
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