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.

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