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Banks boost lending to ease cash flow

The Swiss National Bank (SNB) has agreed to coordinated cash injection measures along with several central banks.

The SNB, the US Federal Reserve, the European Central Bank and the Bank of England issued a joint statement on Monday saying they would lend as much US dollar liquidity as commercial banks needed in a bid to ease frozen credit markets.

The banks said they would meet all bids from commercial banks at a fixed interest rate.

"Central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity in short-term funding markets," the statement said.

It comes after weekend meetings in Washington and Paris, where policymakers agreed to steady the credit situation.

The Swiss finance ministry said measures being taken by the G7 industrialised nations, European and individual governments were valuable contributions towards stablising the financial system.


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