The Monetary Authority of Singapore (MAS) has announced an extension of its US$60 billion ($82.55 billion) swap arrangement via its USD Facility with the US Federal Reserve till 31 March 2021.
MAS’s USD Facility will offer up to US$60 billion of funding to banks, to facilitate USD lending to businesses in Singapore and the region.
In a July 30 release, MAS said the Federal Reserve’s network of USD swap facilities with 14 central banks, including the MAS, has provided a critical backstop for USD funding needs globally, and contributed significantly to central banks’ efforts to maintain stability and normal functioning of financial markets during this COVID-19 pandemic.
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