March 26, 2020 / 6:52 AM / 12 days ago

Singapore launches $60 bln facility for banks to support dollar funding

SINGAPORE, March 26 (Reuters) - Singapore’s central bank said on Thursday it will provide up to $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 $10 billion in 7-day funds will be offered, the Monetary Authority of Singapore said in a statement.

Last week, the MAS said it had established a $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. (Reporting by Aradhana Aravindan in Singapore; Editing by Kim Coghill)

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