REFILE-NY Fed raises repo limits to ensure ample supply of bank reserves

(Deletes extraneous word from headline)

March 9 (Reuters) - The Federal Reserve Bank of New York on Monday said it had increased its daily cash injections to the banking system to ensure an ample supply of bank reserves.

The daily overnight repurchase agreement - or repo - operations will increase to $150 billion from $100 billion and the two-week operations on March 10 and 12 will increase to $45 billion from the current level of at least $20 billion.

The New York Fed said it will continue to adjust repo operations as needed. The announcement comes as financial markets are in turmoil due to concerns about the fast-spreading coronavirus. (Reporting By Dan Burns Editing by Chizu Nomiyama)

Related Tags