Pam and Russ Martens: Sri Lanka is top user of Fed emergency lending program

Section:

By Pam and Russ Martens
Wall Street on Parade
Thursday, August 6, 2020

At Fed Chairman Jerome Powell's press conference on July 29, he persisted in his explanation that all the Fed's bailout programs are really about helping the American people get back on their feet. Here's one more, among a growing mountain, of reasons to question that.

Sri Lanka is an island country situated in the Indian Ocean and located about 9,000 miles from the United States. Its population of approximately 21 million ranks it the size of Florida. Despite those statistics, Sri Lanka somehow became the main participant in an emergency lending facility set up by the Fed.

... Dispatch continues below ...


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According to an official statement by the Central Bank of Sri Lanka (CBSL), "The CBSL has decided to pledge a sum of US$1 billion worth of U.S. Treasury Bonds held in the CBSL reserve and enter into the above type of repo facility with the Fed. This would permit the CBSL to raise US$1 billion in cash form when required.

"When this repo facility is settled by the CBSL, there will be no change in the CBSL reserve position as the Fed would release the pledged bonds back to the CBSL. The cost to the CBSL would be the applicable repo fee, which is about 0.35 percent per annum." ...

... For the remainder of the report:

https://wallstreetonparade.com/2020/08/the-fed-created-an-emergency-lend...

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