“The extension of the MAS USD facility through March 31, 2021 will anchor market confidence and reinforce the stability of the financial system in Singapore.”
In a podcast interview earlier in May, MAS managing director Ravi Menon had said that the degree of stress seen globally in financial markets in March from a tightness in USD funding sparked by escalating pandemic concerns was enough for MAS to start contingency plans for a financial crisis. But the US Fed’s establishing of swap lines with central banks such as MAS in March helped to turn that around.
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