Australian central bank pumps $3.64b into the banking system

The amount was larger than the intended $1.5b (A$2.5b).

The Reserve Bank of Australia (RBA) has allotted $3.64b (A$5.9b) into the country’s banking system as panic selling spurred by COVID-19 threatened to drain liquidity and hike borrowing costs, reports Reuters.

The amount was larger than the $1.5b (A$2.5b) that was originally intended.

This comes after the injection of $5.4b (A$8.8b) on Friday, which granted commercial banks with $6.5b (A$10.7b) in surplus cash.

The RBA said it will be holding one-month and three-months repurchase operations until further notice.

Here’s more from Reuters.

Photo courtesy of Wikimedia Commons.

Also Read

Citi names Akira Hoshino as head of markets for Japan

Why high capital levels are a double-edged sword for Singapore banks

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit