SINGAPORE: The Monetary Authority of Singapore announced on Thursday the establishment of a US$60 billion swap facility with the US Federal Reserve, as the global economy comes under strain from the coronavirus outbreak.
The swap facility - which will be in place for at least six months - allows MAS to exchange Singapore dollars for US dollars, providing US dollar liquidity to financial institutions in Singapore. Many foreign companies and institutions also borrow in dollars, and economists worry that a sudden stop in the flow of funds to foreign economies could leave them unable to refund debts or get new loans.The US Fed already has standing swap lines with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank.
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