SINGAPORE (Mar 19): The Monetary Authority of Singapore (MAS) has announced the establishment of a US$60 billion ($86 billion) swap facility with the US Federal Reserve, as part of coordinated central bank actions as global financial markets threaten to collapse under the strain of the Covid-19 pandemic.

The Federal Reserve earlier this week on March 15 had announced the enhancement of the standing US Dollar (USD) liquidity swap line arrangements with five other central banks – the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank.

This was aimed at easing strains in the global USD funding markets.

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