Nearly 40% of central banks use targeted liquidity facilities

“Funding for lending” schemes remain widespread, though some have been wound down post-Covid

Close to 40% of central banks operate some form of targeted lending facility, though some are scaling back use of the tools due to the fading of the Covid-19 crisis, the Monetary Policy Benchmarks 2024 find.

Globally, 39.5% of central banks report they use targeted liquidity facilities. Sometimes known as “funding for lending” or targeted refinancing facilities, these offer long-term funding for banks at lower rates if banks on-lend to specific sectors of the economy.

A higher proportion of

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