RBA Joins The Swap Club
The Reserve Bank has moved to try and solve a shortage of US dollars in the Asian area by joining a swap arrangement involving the US Federal Reserve. The shortgage of US dollars outside the US has continued despite moves by the Fed to inject more into the global economy. The RBA has joined central banks from Norway, Sweden and Denmark in setting up a US dollar swap arrangement with the Fed totalling $US30 billion and lasting until at least the end of January 2009. The RBA said currency swap
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