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Bank A needs cash quickly and owns bonds, while Bank B has excess cash. They engage in a repurchase agreement where Bank A sells bonds to Bank B with the agreement to buy them back later at a higher price. This allows Bank A to get cash quickly and Bank B to make a profit. This transaction, known as a repo from Bank A's perspective and a reverse repo from Bank B's perspective, is common among banks, mutual funds, hedge funds, and even central banks.
