Oct. 29 (Bloomberg) -- The Federal Reserve agreed to provide $30 billion each to the central banks of Brazil, Mexico, South Korea and Singapore to boost the availability of dollars in emerging markets.

``The Federal Reserve has authorized the establishment of temporary liquidity swap facilities with the central banks of these four large systemically important economies,'' the U.S. central bank said in a statement. The swap lines will be in place through April 30, the Fed said.

The global credit crisis that began with the collapse of the U.S. mortgage-backed securities market has roiled developing nations, sending the premiums on their government bonds up and their currencies down. Today's decision comes as the International Monetary Fund works on a separate program to provide emergency credit to emerging markets.

The Fed said it ``welcomes'' the announcement of the IMF's short-term liquidity facility.

The Fed also created this week a $15 billion swap line with its New Zealand counterpart and removed limits this month on four existing swap lines, including one with the European Central Bank. The Fed set up a $10 billion arrangement with Australia's central bank last month and then tripled it to $30 billion.

The Bank of Korea cut interest rates by a record amount on Oct. 27 and the government pledged to guarantee local banks' debts to help lenders struggling to access foreign funds. Stocks and the won tumbled last week, prompting concern the country may face a currency crisis a decade after the IMF organized a $57 billion bailout to help repay overseas debt.

To contact the reporter on this story: Craig Torres in Washington at ctorres3@bloomberg.net; William Sim in Seoul at wsim2@bloomberg.net

Last Updated: October 29, 2008 15:34 EDT