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In a repo agreement, Bank A, needing cash quickly, sells its bonds to Bank B, which has excess cash. Bank A (the dealer) agrees to buy back the bonds at a later date, usually the next day, at a higher price. This transaction provides Bank A with the immediate cash it requires while allowing Bank B to earn a profit from the price difference. For Bank A, this is termed a repo, while for Bank B, it is a reverse repo. Repo transactions are utilized by various entities, including banks, mutual funds, hedge funds, and central banks, as a means to manage liquidity and effectively use surplus cash.
