Indonesia, Singapore extend bilateral financial arrangement
Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have announced a further extension of their bilateral financial agreement by one year to November 2, 2024.
Jakarta (VNA) – Bank Indonesia (BI) and the MonetaryAuthority of Singapore (MAS) have announced a further extension of theirbilateral financial agreement by one year to November 2, 2024.
The bilateral deal, endorsed by IndonesiaPresident Joko Widodo and Singapore Prime Minister Lee Hsien Loong, wasestablished between BI and MAS in November 2018 following theIndonesia-Singapore Leaders’ Retreat. Since then, it has beenextended annually with the latest extension in November 2022.
The deal comprises a local currency bilateral swap agreement that allows for the exchange of local currencies between the two central banks of up to 9.5 billion SGD or 100 trillion IDR (7.03 billion USD) each year, and a bilateral repoagreement of 3 billion USD that allows for repurchase transactions between thetwo central banks to obtain USD cash using G3 (the US, Japan and Germany)Government Bonds as collateral.
In a recent press release, BI emphasised that the fifth extensiondemonstrates the commitment of BI and MAS to continuing mutual support tobuild confidence ไin each country's economic condition./.
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Illustrative photo (Photo: sbr.com.sg) 
