Singapore central bank launches US$60b scheme for banks


  • Banking
  • Thursday, 26 Mar 2020

The first auction will be conducted on Friday, when US$10 billion in seven-day funds will be offered, the Monetary Authority of Singapore said in a statement.

SINGAPORE: Singapore's central bank said on Thursday it will provide up to US$60 billion of U.S. dollar funding to the city-state's banks as part of a previously announced swap facility with the U.S. Federal Reserve.

The first auction will be conducted on Friday, when US$10 billion in seven-day funds will be offered, the Monetary Authority of Singapore said in a statement.

Last week, the MAS said it had established a US$60 billion swap facility with the Fed, as part of coordinated central bank actions to calm financial markets, which are being hammered by fears the coronavirus pandemic will trigger a global recession. - Reuters

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