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In a repurchase agreement (repo), Bank A needs cash quickly and has bonds as assets. Bank B, with excess cash, can assist. The process involves Bank A (the dealer) selling its bonds to Bank B with a promise to repurchase them later, typically the next day. In exchange, Bank B provides Bank A with the necessary cash. At the agreed time, Bank A buys back the bonds from Bank B at a higher price, allowing Bank A to access cash and Bank B to earn a profit. For Bank A, this transaction is a repo, while for Bank B, it's a reverse repo. Repo transactions are utilized by various entities, including banks, mutual funds, hedge funds, and even central banks.
