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Indonesia, Australia renew local currency swap arrangement

Bank Indonesia (BI) and the Reserve Bank of Australia (RBA) have agreed to renew their Bilateral Local Currency Swap Arrangement (BCSA).
Indonesia, Australia renew local currency swap arrangement ảnh 1Bank Indonesia (BI) Building in Jakarta (Photo: en.tempo.co)

Jakarta (VNA) – Bank Indonesia (BI) and theReserve Bank of Australia (RBA) have agreed to renew their Bilateral LocalCurrency Swap Arrangement (BCSA).

The agreement, signed by BI Governor Perry Warjiyo and his RBAcounterpart Philip Lowe, took effect as of February 18.

It allows for the exchange of local currenciesbetween the two central banks, with a maximum amount of 100 trillion RP or 10 billion AUD (7.2billion USD).

The pact will be effective for three years and can be extendedagain by mutual agreement of both central banks.

The swap agreement, first agreed in December 2015, wasdesigned to promote bilateral trade between Indonesia and Australia for the purposeof economic development.

In addition to Australia, BI also conducts financialcooperation with the central banks of several countries in Asia such as China, theRepublic of Korea and Malaysia./.

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