The Monetary Authority of Singapore has announced the further extension of the US$60 billion swap arrangement with the US Federal Reserve through Dec 31 2021. 

The MAS USD Facility will also be extended to the same date, offering up to US$60 billion of backstop funding to banks to support USD lending to businesses in Singapore and the region. 

According to MAS, the US Fed’s network of USD swap facilities, set up with 14 central banks, has provided a critical backstop of USD funding needs globally, and “contributes significantly to efforts to maintain stability and smooth functioning of financial markets during the Covid-19 pandemic.”

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