MAS sets up US$60b swap facility with Federal Reserve amid virus outbreak

Singapore

THE Monetary Authority of Singapore (MAS) on Thursday night announced a US$60 billion swap facility with the US Federal Reserve to ease any US-dollar liquidity strain as a result of the virus outbreak.

MAS said it intends to draw on this swap facility - which will be in place for at least six months - to provide US-dollar liquidity to financial institutions in Singapore. "The swap facility complements MAS' management of the Singapore-dollar market. Through its market operations, MAS will continue to provide ample Singapore-dollar liquidity to support the needs of the banking system," said the regulator in a statement.