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When the ECB lends in US dollars: Central Bank swaps during COVID 19
[Face au Covid-19 : les lignes de swaps en dollar entre banques centrales]

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  • Julia Schmidt

Abstract

US dollar funding costs in foreign exchange markets rose sharply in March 2020 when the supply of US dollars in FX swap markets dried up with the onset of the pandemic. Central banks reacted quickly by activating swap lines, which enabled them to provide US dollar liquidity to banks in their jurisdictions. Les coûts du financement en dollar américain sur les marchés des changes ont fortement augmenté en mars 2020, quand l’offre de cette devise sur les marchés des swaps de change s’est tarie avec l’émergence de la pandémie. Les banques centrales ont réagi rapidement en activant des lignes de swap leur permettant de fournir de la liquidité en dollar aux banques de leurs juridictions.

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Handle: RePEc:bfr:econot:170
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File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/when-ecb-lends-us-dollars-central-bank-swaps-during-covid-19
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File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/face-au-covid-19-les-lignes-de-swaps-en-dollar-entre-banques-centrales
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