June 19, 2020 / 8:18 AM / 21 days ago

ECB cuts frequency of dollar operations as markets improve

FILE PHOTO: The European Central Bank (ECB) logo is pictured before a news conference on the outcome of the meeting of the Governing Council in Frankfurt, Germany, January 23, 2020. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - The European Central Bank will cut the frequency of its dollar swap operations conducted in partnership with the U.S. Federal Reserve as funding conditions have improved, it said on Friday.

The ECB, along with other major central banks like the Bank of Japan and the Bank of England, will offer 7-day dollar funds three times a week instead of daily while 84-day operations will continue to be conducted weekly.

The change will be effective July 1 and the new frequency will be in place “as long as appropriate”.

Reporting by Balazs Koranyi; Editing by Catherine Evans

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