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

SINGAPORE – 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)