Today, the Federal Reserve, the Banco Central do Brasil, the Banco de Mexico, the Bank of Korea, and the Monetary Authority of Singapore announced the establishment of temporary reciprocal currency arrangements (swap lines). These facilities, like those already established with other central banks, most recently New Zealand, are designed “to help improve liquidity conditions in global financial markets and to mitigate the spread of difficulties in obtaining U.S. dollar funding in fundamentally sound and well managed economies.” These new facilities will support the provision of U.S. dollar liquidity “in amounts of up to $30 billion each by the Banco Central do Brasil, the Banco de Mexico, the Bank of Korea, and the Monetary Authority of Singapore.” These arrangements have been authorized through April 30, 2009.