Notice is a historical project of the Committee for a Responsible Federal Budget, which tracked the money spent by the 2009 stimulus bill. This site is not regularly updated.

Foreign Currency Swap Lines

December 12, 2007
Policy Area: 
Economic Target: 
Action Type: 
Maximum Amount: 
$286.00 billion
Amount Spent: 
$8.07 billion

Currency swaps between the Fed and other foreign central banks are intended to increase foreign currency liquidity and allow for the provision of U.S. dollar funding abroad.

Since December of 2007, the Fed has announced several new and expanded currency exchanges with numerous foreign central banks. The below currency swaps expired in February 2010. However, on May 9, 2010 the Fed reauthorized the use of foreign currency swap lines through January 2011 to help add liquidity to global markets following European debt fears.


Announced Date Expired Date Participating Foreign Central Banks Maximum Authorized Amount
04/06/09 10/30/09 Eurozone, Japan, England, Switzerland $286 billion
10/29/08 04/30/09 Brazil, Mexico, Korea, Singapore $120 billion
10/28/08 04/30/09 New Zealand $15 billion
09/29/08 04/30/09 Canada, England, Eurozone, Japan, Switzerland, Australia, Sweden, Norway, Denmark $620 billion
09/26/08 09/29/2008* Canada, England, Eurozone, Japan, Switzerland $260 billion
09/24/08 09/29/2009* Australia, Sweden, Norway, Denmark $30 billion
09/18/08 09/26/2008* Canada, England, Eurozone, Japan, Switzerland $247 billion
07/30/08 09/18/08* Eurozone, Switzerland $67 billion
05/02/08 7/30/2008* Eurozone, Switzerland $62 billion
03/11/08 05/02/2008* Eurozone, Switzerland $36 billion
12/12/07 3/11/2008* Eurozone, Switzerland $24 billion

* "Expired date" indicates date that existing currency swap was superseded by new arrangement  


See links within table for individual Fed releases on each action.

Fed Press Release December 12, 2007

Fed Press Release May 9, 2010


Maximum amount is total amount of all unexpired swap arrangements.  Amount spent is reported from Fed's balance sheet and current as of 1/16/2013. Maximum swap amounts are listed in dollar exchange rates current at the time the action was announced. Activities of the Federal Reserve are not directly recorded in the federal budget.  However, each year the Federal Reserve remits a portion of its earnings to the general treasury.  This remittance is generally in the range of $20-$30 billion per year, but the CBO estimates that the Fed's earnings will be lower by approximately $90 billion over the next ten years.

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