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ECB, BOE, BOJ, SNB scale back dollar repos as market tensions ease

ECB, BOE, BOJ, SNB scale back dollar repos as market tensions ease. The Bank of England (BOE) said in a statement on Thursday, it will join other major

ECB, BOE, BOJ, SNB scale back dollar repos as market tensions ease
Yazar: Gülşah Aksoy

Yayınlanma: 20 Ağustos 2020 21:26

Güncellenme: 19 Kasım 2024 07:08

ECB, BOE, BOJ, SNB scale back dollar repos as market tensions ease

The Bank of England (BOE) said in a statement on Thursday, it will join other major central banks to reduce the frequency of 7-day dollar liquidity operations to once a week from September 1 due to low demand and reduced financial market tension. In March, to ease the liquidity pressure due to the coronavirus pandemic, the BoE, European Central Bank (ECB), Bank of Japan (BOJ) and Swiss National Bank (SNB) launched daily US dollar operations. Additional takeaways "These central banks stand ready to re-adjust the provision of U.S. dollar liquidity as warranted by market conditions.” “From Sept. 1, the 7-day dollar repos will only take place on Wednesdays. Currently they take are held three times a week, when they often get zero demand from financial institutions.” “The BOE said weekly operations to provide 84-day U.S. dollar liquidity would continue unchanged.” Market reaction On the above announcement, the US dollar met a fresh buying-wave across its main peers, with the dollar index rising 0.26% to hit daily highs of 93.13. ECB, BOE, BOJ, SNB scale back dollar repos as market tensions ease
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