NEW YORK, April 13 (Reuters) - The Federal Reserve Bank of New York said on Monday it will reduce the frequency of its operations in the market for repurchase agreements, or repo, over the next month now that repo market conditions are more stable.

The New York Fed said it will offer one overnight repo operation in the morning starting on May 4, dropping the afternoon repo offering.

The frequency of three-month repo operations will be reduced to once every two weeks from once a week. One-month repo operations will continue to be offered once per week.

The New York Fed said it will “continue to adjust repo operations as appropriate to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets,” the New York Fed said in a statement. (Reporting by Jonnelle Marte Editing by Chris Reese)