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In a repo agreement, Bank A, needing cash, sells its bonds to Bank B, which has excess cash to invest. Bank A, referred to as the dealer, agrees to buy back the bonds at a later date, typically the next day, at a higher price. This provides Bank A with the cash it requires while allowing Bank B to earn profit from the transaction. For Bank A, this operation is termed a repo, while for Bank B, it is a reverse repo, as it involves purchasing securities with the plan to resell them at a profit. Such repo transactions are utilized by various entities, including banks, mutual funds, hedge funds, and central banks.
