How the Fed’s Fima addressed the 2020 dollar liquidity shortage

Victor Mendez-Barreira

When the Covid-19 pandemic hit the global financial markets in March 2020, the US Federal Reserve responded by resuming large-scale asset purchases. In the role of “buyer of last resort”, the central bank has been credited with having contributed to stability and the restoration of favourable financing conditions in the US Treasury market. However, the institution also reached that objective through another less well-known facility that proved key to reassuring central banks around the world: the Foreign and International Monetary Authorities Repo Facility, known as Fima.

While the number

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