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Swedish central bank increases loans to banks |
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18:52, October 06, 2008 |
Sweden's central bank Riksbank said Monday it has decided to lend more money to Swedish banks to help them deal with the international financial turbulence.
The amount offered in Monday's auction is now raised from 60 billion kronor (8.4 billion U.S. dollars) to 100 billion kronor (14 billion dollars) and on Wednesday a further auction of 100 billion kronor (14 billion dollars) will be offered for six-month loans, Riksbank said in a statement.
Riksbank earlier said it had planned to establish a loan facility of 60 billion Swedish-kronor (8.4 billion dollars) to increase access to credit with a longer duration.
With the new announcement Monday, Riksbank will be in total supplying the bank system with 354 billion kronor (49.5 billion dollars) since the start of the current global financial turbulence.
The Riksbank is now taking swift measures to facilitate the credit supply for the Swedish banks and is prepared to provide the liquidity necessary to safeguard financial stability and ensure the smooth functioning of the financial markets in Sweden, Riksbank Governor Stephan Ingves said in the statement.
Source: Xinhua
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