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

FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore
FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside/File Photo

December 24, 2021

SINGAPORE (Reuters) – Singapore central bank said on Friday its $60 billion swap arrangement with the U.S. Federal Reserve will expire on Dec. 31, as U.S. dollar funding conditions in Singapore and the region have normalised and continue to be stable.

The facility launched in March 2020 provided $24.6 billion to local, regional and international banks in the midst of the COVID-19 crisis, the Monetary Authority of Singapore (MAS) said.

“MAS continues to remain vigilant to USD funding conditions in Singapore and will be prepared to take action in the event of severe strains in the USD funding market,” it said.

(Reporting by Aradhana Aravindan in Singapore; Editing by Himani Sarkar)