The Bank of Canada has been pumping liquidity into the markets again this week.

Today the central bank announced the results of a $2 billion term purchase resale agreement (PRA) that was announced back in March as part of coordinated action with several other central banks of the G10, designed to help address liquidity pressures in the market. The 28-day term PRA will mature on May 1.

The bank has also been using Special Purchase and Resale Agreements (SPRA) once again this week.

Today, it transacted another $475 million in SPRAs, down from $835 million yesterday, and previous sessions of $860 million and $833 million earlier this week.

SPRAs are initiated by the bank in an effort to reinforce the target overnight rate, generally when overnight funds are trading above that rate. The bank buys securities from primary dealers and agrees to sell them back to the same firm the following day.

The $860 million in SPRAs carried out on April 1 is the second highest total so far this year, trailing only a day in mid January when it did $874 million worth. And, the SPRA activity this week is the first time this year that it has completed SPRAs four days a row.