Statement
In view of the improvements in U.S. dollar funding conditions and the low demand at recent 7-day maturity U.S. dollar liquidity-providing operations, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to reduce the frequency of their 7-day operations from daily to weekly. This operational change will be effective as of May 01, 2023.
The indicative schedule of all the Bank’s market operations can be found on the Information for participants page.
These central banks stand ready to re-adjust the provision of U.S dollar liquidity as warranted by market conditions. The swap lines among these central banks are available standing facilities and serve as an important liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses, both domestically and abroad.