Central Banks Provide Cash Relief

The Federal Reserve, the European Central Bank, the Bank of Japan, and other central banks have offered to push cash into global markets in efforts to ease tumultuous Wall Street.

The Fed said in a statement that it authorized a $180 billion expansion of its temporary reciprocal currency arrangements, to allow banks to borrow more dollars in markets at lower rates, according to The New York Times.

The Fed also authorized increases in the existing swap lines with the European Central Bank, up to $110 billion from $55 billion, and the Swiss National Bank, up to $27 billion from $15 billion, according to NYT.

“The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures,” the European Central Bank said in a statement.