THE Monetary Authority of Singapore on Thursday night announced a US$60 billion swap facility with the US Federal Reserve to ease the strain on businesses amid the virus fallout.
MAS said it intends to draw on this swap facility - which will be in place for at least six months - to provide US-dollar liquidity to financial institutions in Singapore. "The swap facility complements MAS’ management of the Singapore-dollar market. Through its market operations, MAS will continue to provide ample Singapore-dollar liquidity tosupport the needs of the banking system," said the regulator in a statement.
The MAS standing facility will also be available for all eligible banks to deposit or borrow Singapore-dollar funds against specified collateral. On March 15, six central banks - including the Fed - had announced the enhancement of the standing US-dollar liquidity swap line arrangements to ease strains in global US-dollar funding markets.
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