July 30, 2020 / 2:06 AM / 8 days ago

Singapore extends $60 billion swap facility with Fed through March 2021

FILE PHOTO: The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore in this February 21, 2013 file photo. REUTERS/Edgar Su/File Photo

SINGAPORE (Reuters) - Singapore’s central bank and the U.S. Federal Reserve have extended a $60 billion swap facility through to March 2021 to bolster U.S dollar lending to firms in the city-state and the wider region, Singapore said on Thursday.

The facility launched in March this year has already seen around $22 billion provided to banks for lending, the Monetary Authority of Singapore (MAS) said.

The Fed’s swap arrangements with central banks globally has “provided a critical backstop” for funding and helped “maintain stability” of financial markets during the pandemic, MAS added.

Reporting by John Geddie; Editing by Shri Navaratnam

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