Swiss National Bank joins coordinated action on dollar liquidity

The Swiss National Bank has joined five other central banks in a coordinated action to increase the provision of global U.S. dollar liquidity, it said on Sunday.

The SNB joined with the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and the U.S. Federal Reserve to lower the pricing on overnight U.S. dollar liquidity swap arrangements by 25 basis points.

The changes, which take effect from Monday, were initiated to ease strains in global funding markets and smooth the supply of credit to households and businesses, it said.