Illustrative photo (Photo: sbr.com.sg) Jakarta (VNA) – 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.
The bilateral deal, endorsed by Indonesia President Joko Widodo and Singapore Prime Minister Lee Hsien Loong, was established between BI and MAS in November 2018 following the Indonesia-Singapore Leaders’ Retreat. Since then, it has been extended 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 repo agreement of 3 billion USD that allows for repurchase transactions between the two 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 extension demonstrates the commitment of BI and MAS to continuing mutual support to build confidence in each country's economic condition./.
