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dollars) from the financial system Wednesday, with more reverse repos maturing than conducted.
Mumbai (Maharashtra) [India], Oct 05 ( ANI ): The Reserve Bank of India (RBI) on Friday kept the repo rate and reverse repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent and 6.25 per cent, respectively.
The Chinese central bank has said that it has kept its reverse repo rates unchanged.
During those tight liquidity conditions, SAMA left its repo rate unchanged despite five US interest rate increases since 2015 that Saudi authorities replicated on their reverse repo rate to maintain the peg between the Saudi currency, the riyal, and US dollar.
In previous monetary tightenings since December 2015, it only raised the reverse repo, limiting upward pressure on money market rates.
Hikes reverse repo rate but leaves repo rate unchanged to reduce gap
In a reverse repo, the central bank purchases securities from banks with an agreement to resell them in the future, state-run Xinhua news agency reported today.
Second, it provides netting services, allowing dealers to offset their repo and reverse repo positions for trades where the securities posted as collateral are of a similar type.
The minutes may reveal discussions within the Fed relating to the pace of the rate hike, as well as operational details regarding the new policy tools -- such as the (https://www.newyorkfed.org/markets/rrp_faq.html) reverse repo program -- it intends to employ once it starts raising rates.
The reverse repo rate, or that at which banks lend to RBI, now stands at 7.25 percent, up from 7 percent earlier, the central bank said.
In its eighth rate hike since March 2010, the bank increased its repo and reverse repo rates by 25 basis points each.