September 18, 2008

The US Federal Reserve announced a 180 billion-dollar liquidity line to fight the racing fires of global financial crisis Thursday and said it was ready to do more.

The move came in coordination with other leading central banks to pump cash into the financial system amid a credit squeeze that has dried up lending among commercial banks.

The Federal Reserve of New York said in a statement it “shortly” would arrange a special overnight repo operation, a 24-hour credit to banks needing cash.

The New York Fed said it “stands ready to arrange further operations later in the day, as needed.”

The special repo operation will be immediately followed by the regular Thursday morning 14-day repo operation, for five billion dollars, it said.

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