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Singapore central bank $60 billion swap facility with Fed to expire on Dec. 31 -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A view of Singapore’s Monetary Authority of Singapore Headquarters, Singapore. June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside/File Photograph

SINGAPORE, (Reuters) – The $60 billion Swap Agreement between the Singapore Central Bank and the U.S. Federal Reserve was terminated Friday by the U.S. Dollar funding conditions in Singapore have stabilized and normalized.

In the midst of COVID-19, the Monetary Authority of Singapore said that the March 2020 facility provided $24.6 million to banks around the world.

The statement said that the MAS “continues to monitor USD funding conditions Singaporeans and will take immediate action in the case of serious strains to the USD funding markets.”

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