Swap Network
Swap Network : The swap network is a series of bilateral arrangements between the Federal Reserve and fourteen foreign central banks and the Bank for International Settlements providing standby reciprocal facilities for obtaining foreign currencies. The facilities provide for the swap (simultaneous spot purchase and forward sale) of each other's currency by the Federal Reserve and the respective foreign central bank. Swap drawings typically have a three-month maturity, with an understanding that they may be more or less automatically rolled over for another three months
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