Due to the virus outbreak, the municipal securities market has recently been under considerable strain as investors have become reluctant to purchase municipal securities. As a result, interest rates on municipal securities have increased significantly. At the same time, states, cities, and counties are facing severe liquidity constraints resulting from the increase in state and local government expenditures related to the COVID-19 pandemic and the decrease and delay of certain tax revenue. By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs in communities, large and small, across the economy. The immediate purpose of the Municipal Liquidity Facility is to enhance the liquidity of the municipal securities market by increasing the availability of funding to eligible States, Cities and Counties through Tax Anticipation Notes (“TANs”), Tax and Revenue Anticipation Notes (“TRANs”), Bond Anticipation Notes (“BANs”), and other similar short-term notes from eligible issuers (collectively, “Notes”). The eligible issuer’s proceeds from its notes sales can in turn be used to support its political subdivisions and instrumentalities, among other uses. This facility will provide a form of bridge financing to eligible issuers, and by addressing the cash management needs of eligible issuers, the facility will also encourage investors to once again engage in the municipal securities market. Of course what I’ve just covered is not an exhaustive list. The Federal Reserve Board has also announced a number of other programs designed to supply credit directly to households, businesses, and municipalities.

Two, develop standards to support the atomic settlement of currency transactions across platforms using distributed ledger technology and non-DLT based platforms. Three, establish policy guidelines for the connectivity of digital currency infrastructure across borders, for better access and participation. Through Ubin+, MAS will also collaborate with international partners to explore a broader range of atomic settlement solutions. MAS is working with the central banks of France and Switzerland and the BIS Innovation Hub to explore the exchange and settlement of wholesale CBDCs with an automated market maker. An automated market maker will enable the exchange and settlement of two or more digital assets to be performed automatically with a smart contract. MAS is also partnering SWIFT to explore different interoperability models, to enable instant cross-border payment and settlement across DLT-based systems and existing payment infrastructures. 4/11  BIS - Central bankers' speeches  RESHAPING LIKE FIRE - PROGRAMMABLE MONEY (PROJECT ORCHID) The third desired outcome is programmable money. Money today exists in two forms: physical cash in the form of central bank issued notes and coins; and digital money in the form of deposits with commercial banks. Digital money accounts for 92% of money supply in Singapore and has been designed efficiently and elegantly to suit our large variety of daily needs. Payment to merchants, account-to-account transfers, setting up timed or regular payments, can all be made with just a few taps on your mobile phone today. So what is the problem with money that we are trying to solve? Money today is not programmable.