(Bloomberg) -- The Federal Reserve said it’s “encouraged” by the jump in borrowing from its discount window this week, as the central bank continues to try to destigmatize the seeking of emergency overnight loans by financial institutions during the coronavirus pandemic.
Daily borrowing from the window averaged about $6.7 billion over the past week and stood at $28.2 billion as of Wednesday, up from $11 million the previous Wednesday, according to figures published Thursday.
“The Federal Reserve welcomes continued use of the discount window by banks to help them channel credit to households and businesses,” the Fed said in a statement Thursday.
(Corrects second paragraph to clarify amount of borrowing)
©2020 Bloomberg L.P.