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Federal Reserve

has authorized the establishment of $30 billion on new swap facilities with certain central foreign banks to "address elevated pressures in U.S. dollar short-term funding markets."

"These facilities, like those already in place with other central banks, are designed to improve liquidity conditions in global financial markets," the Federal Reserve said in a statement on Wednesday. "Central banks continue to work together during this period of market stress and are prepared to take further steps as the need arises."

The Fed's move sets up the temporary swap arrangements to supply dollars to the central banks of Australia ($10 billion), Sweden ($10 billion), Denmark ($5 billion), and Norway ($5 billon), in exchange for their currencies.

The new facilities add $30 billion to the $247 billion previously authorized temporary reciprocal currency arrangements with other central banks.