Bank of Japan provides 50.17 billion dollars in unlimited supply

Business Materials 22 October 2008 10:20 (UTC +04:00)

Japan's central bank has supplied 50.17 billion dollars in its first unlimited dollar-supplying money market operation, the bank said Wednesday.

The Bank of Japan's move to lend dollar funds at a fixed rate for one month was intended to ease the stress in the short-term money markets, reported dpa.

Tuesday's auction, announced on Wednesday, expanded the bank's dollar-funding programme, making it the first lending of unlimited amount of dollars since the bank banned the upper limit to dollar liquidity in coordinated action with major central banks in the United States and Europe.

This was the bank's third dollar-supplying operation since the US investment bank Lehman Brothers Holdings Inc filed for bankruptcy on September 15.