MAS to boost USD liquidity with auctions of dollars from Fed swap facility

Singapore

AMID broadening concerns over a record surge in the greenback, the Monetary Authority of Singapore (MAS) will move to lend US dollars (USD) obtained from the US Federal Reserve to banks in Singapore via auction allocation. The first auction will be held today.

This follows from the US$60 billion swap facility established by MAS with the Fed on March 19 to ease any US-dollar liquidity strain as a result of the virus outbreak.