Six major central banks have announced a coordinated move to inject more dollars into the global financial system.

The decision follows the collapse of two US banks and comes amid a deal for an emergency takeover of Credit Suisse.

The institutions say they will increase the frequency of their dollar injections from weekly to daily. The daily operations start Monday and will continue at least until the end of April.

The deal involves the central banks of the US, Japan, the eurozone, Britain, Switzerland and Canada.

The aim is to boost the effectiveness of the dollar liquidity swap lines and curb market confusion. Demand for the US dollar among investors is expected to rise.

A dollar-swap line is an arrangement where the US Federal Reserve provides dollars to other central banks in exchange for the currencies of those institutions.

The institutions call the swap lines "an important liquidity backstop to ease strains in global funding markets" and help "mitigate the effects of such strains on the supply of credit to households and businesses."

The first joint dollar injection by the central banks came amid the 2008 global financial crisis. They made a similar move when the spread of the coronavirus put the financial markets on edge in March 2020.