Non-US banks cut back on MMF dollar funding post-Covid – BIS

Non-bank dollar deposits offered alternative supply of greenbacks

Money market funds (MMFs) provided fewer dollars to non-US banks after the initial outbreak of the coronavirus crisis, research by the Bank for International Settlements (BIS) shows.

As of end-2020, non-US banks’ use of MMFs for dollar funding amounted to some $1.13 trillion, down 21% on a year prior and at its lowest level since March 2018. Unsecured borrowings from offshore and US MMFs declined the most percentage-wise over this period, by 38% and 35% respectively. Repo borrowings from

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