Posted AT 1:29 PM EST on 29/01/08
Fed lends $30-billion to cash-strapped banks
WASHINGTON — The Federal Reserve, working to combat effects of a serious credit crisis, said Tuesday it had auctioned $30-billion (U.S.) in funds to commercial banks at an interest rate of 3.123 per cent.
It marked the fourth in a series of innovative auctions the Fed began last month in an effort to provide cash-strapped banks with extra reserves.
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