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Central banks around the world - including the Bank of Canada - have announced a co-ordinated plan to pump billions more into the financial system to ease the global credit crunch. The U.S. Federal Reserve, the Bank of England, the European Central Bank and the Swiss National Bank are also part of the agreement. The Bank of Canada said the measures are "designed to address elevated pressures in short-term funding markets." The Bank of Canada said it would provide at least $2 billion in funding on Thursday, along with another $1 billion next Tuesday. It will also expand the kind of securities it will accept as collateral. The global plan will put more than $67 billion US in extra liquidity into the financial markets over the next six months - including more than $40 billion US by the Fed, $20 billion US for the ECB and $4 billion US for the Swiss National Bank. The liquidity boost is meant to counter the credit crunch that followed the U.S....
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Bank of Canada to join

Central banks around the world - including the... (more)

Channel:Mediascrape Category:Business Views:63
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