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Thursday, September 15, 2011

Central banks to provide dollar liquidity


By Maureen Farrell September 15, 2011: 12:20 PM ET

NEW YORK (CNNMoney) -- Five central banks announced a coordinated plan Thursday to pump dollars into Europe's financial system in an effort to boost liquidity across the eurozone.

The European Central Bank, along with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank will hold three auctions for U.S. dollars, with a three-month maturity, through the end of the year.

The coordinated move is aimed at providing U.S. dollars to struggling European banks that need the currency to fund loans and repay debt.

Continue reading on CNNMoney

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