Singapore’s central bank announces $60 billion funding for banks
International

Singapore’s central bank announces $60 billion funding for banks

Agency News

The Monetary Authority of Singapore(MAS) said it will provide up to $60 billion of funding to banks in the city state as part of a previously announced currency exchange arrangement with the Federal Reserve.

The Fed last week said it was extending the arrangement to more central banks, including Singapore’s, as demand for the U.S. dollar intensifies. The program, known as dollar swaps, will be in place for six months.

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.

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