The New York Federal Reserve said on Friday it bought $1.945 billion of U.S. agency debt with maturities ranging from March 2016 to July 2032.

Dealers submitted $4.700 billion of agency debt for consideration in the purchase.

Friday's operation brings the New York Fed's cumulative purchase of agency debt to $118.587 billion since early December.

The New York Fed, which conducts open market operations for the U.S. central bank, has said it would buy up to $200 billion of agency securities issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank system aiming to hold down mortgage rates and revive economic growth.

(For more, please see: here) (Reporting by Lynn Adler, Editing by Chizu Nomiyama)