FX.co ★ SNB, ECB To Continue Providing Franc Liquidity

SNB, ECB To Continue Providing Franc Liquidity

(RTTNews) - Friday, the central banks of Switzerland and Eurozone said they would continue to conduct EUR/CHF foreign exchange swaps providing Swiss francs against euro with a term of 7 days at a fixed price. The effort, announced on October 15, 2008, is meant to improve liquidity in short-term Swiss franc money markets.

The SNB and the ECB will continue these one-week EUR/CHF foreign exchange swap operations at least until the end of April 2009 to support further improvements in the short-term Swiss franc money markets. Initially, it was announced that the measure would remain in place as long as needed and at least until January 2009.

In a statement, the Swiss National Bank said the Narodowy Bank Polski had joined the weekly foreign exchange swap operations of the SNB and the Eurosystem starting November 17, 2008.

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