SINGAPORE - The Monetary Authority of Singapore announced on Thursday the extension of a US$60 billion swap facility with the US Federal Reserve to facilitate its US dollar lending to businesses in Singapore and the region amid the ongoing coronavirus pandemic.
Since its launch, the MAS USD Facility has provided about US$22 billion to banks, for use in Singapore and the region, MAS said in a media release. As an international financial centre, Singapore plays a key role in intermediating cross-border USD funding within Asia. Financial markets have been under strain from the Covid-19 crisis as travels restrictions and lockdowns shut large swathes of economies around the world.
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