Indonesia’s Request for Fed Dollar Swap Said to Be Rejected
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Indonesia, seeking to bolster its defenses against potential financial-market turmoil, found one possible aid cut off when the Federal Reserve denied a request for a currency swap line, according to an official with knowledge of the matter.
The rejection echoes the Fed’s decision during the global financial crisis, when it limited swap lines to developed nations and a handful of the largest emerging markets, including Mexico and Brazil. The official asked not to be named as the discussions were private.