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In a repurchase agreement (repo), Bank A, needing cash quickly, temporarily sells its bonds to Bank B, which has excess cash. Bank A agrees to buy the bonds back at a later date, typically the next day, for a higher price. This allows Bank A to obtain the cash it requires, while Bank B profits from the transaction. From Bank A's perspective, this is a repo, while Bank B views it as a reverse repo, intending to sell the securities back at a profit. Repo transactions are common among banks, mutual funds, hedge funds, and even central banks.
