NEW DELHI: The US Federal Reserve has granted dollar funding facility to all central banks in the world including those who don’t as yet have currency swap lines in place.
This is a big positive accommodative step by the US central bank for all its counterparts in various countries including the Reserve Bank of India (RBI) and will help all in funding their dollar requirements.
Sources told Mint that RBI had recently, albeit informally, requested the Fed to be given this facility. The facility, effective 6 April, will exist for at least 6 months, the Fed said.
A mail sent by Mint two days ago to RBI to confirm if it had recently asked to be given this option was not answered. It is public knowledge that RBI, under Urjit Patel then, had
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