The European Central Bank (ECB) sought $500 million from the Federal Reserve’s foreign exchange swap facility for the week ended October 5, The Wall Street Journal reports. In the week ended September 21, the ECB had borrowed $575 million.
The European bank has had to access the swap line to satisfy euro-zone institutions’ need for the U.S. dollar. The ECB was the only institution to draw on the swap lines in the week ended October 5, swapping the full amount, adds Reuters.
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