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(Xinhua)
Updated: 2008-02-13 14:26

WASHINGTON -- The US Federal Reserve said Tuesday it had auctioned 30 billion US dollars in funds to commercial banks Monday in an effort to deal with the persistent credit crunch.

This was the central bank's fifth auction aimed at injecting more money into the banking system since mid-December, when the Fed established its Term Auction Facility to deliver short-term funds to banks that are in need of liquidity.

The fifth auction produced an interest rate of 3.010 percent, lower than the rate of 3.123 percent generated in the previous one, which was held on January 28 and provided 30 billion dollars to banks.

The first two auctions, which were held on December 17 and December 20 and each provided 20 billion dollars to banks, saw rates of 4.65 percent and 4.67 percent.

The third auction was held on January 14, providing 30 billion dollars to banks, and generated an interest rate of 3.950 percent.

Analysts believe the declining interest rates indicated that the efforts by the US central bank were having an impact.

The new facility was developed by the Fed in an attempt to prevent the credit crunch from worsening.

Although the Fed had taken actions such as rate cuts to add liquidity to the banking system, commercial banks had avoided borrowing money from the central bank through its discount window, which makes loans to banks, out of concern that investors would see the move as an indication of the banks' underlying financial problems.

Monday's action was one of the two auctions the Fed plans to conduct in February. The other auction, which is expected to offer another 30 billion dollars, will be held on February 25, according to an announcement by the central bank earlier this month.