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Index/Topics/COVID-19 Market Stress

COVID-19 Market Stress

The ESF has engaged in foreign-exchange intervention, credit arrangements and guarantees for foreign governments, and occasional domestic emergency support, including backing Fed programs during the COVID-era market stress.

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Jan 26, 2026
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How does the Exchange Stabilization Fund work and what legal authorities govern its use?

The (ESF) is a reserve created in 1934 to enable rapid foreign-exchange and related financial operations; by statute it can buy and sell foreign currencies, hold Special Drawing Rights (SDRs) and prov...