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In a repurchase agreement (repo), Bank A, needing cash quickly, sells its bonds to Bank B, which has excess cash. Bank A will buy back the bonds at a higher price, usually the next day, allowing it to obtain the necessary cash. For Bank B, this transaction is a reverse repo, as it purchases securities with the intention of reselling them for profit later. This type of transaction is available not only to banks but also to mutual funds, hedge funds, and even central banks, making repos a common option for various entities managing liquidity needs.
