Bank Indonesia (BI) Building in Jakarta (Photo: en.tempo.co) Jakarta (VNA) – Bank Indonesia (BI) and the Reserve Bank of Australia (RBA) have agreed to renew their Bilateral Local Currency Swap Arrangement (BCSA).
The agreement, signed by BI Governor Perry Warjiyo and his RBA counterpart Philip Lowe, took effect as of February 18.
It allows for the exchange of local currencies between the two central banks, with a maximum amount of 100 trillion RP or 10 billion AUD (7.2 billion USD).
The pact will be effective for three years and can be extended again by mutual agreement of both central banks.
The swap agreement, first agreed in December 2015, was designed to promote bilateral trade between Indonesia and Australia for the purpose of economic development.
In addition to Australia, BI also conducts financial cooperation with the central banks of several countries in Asia such as China, the Republic of Korea and Malaysia./.
