Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) today announced a further extension of their bilateral financial arrangement by one year to 2 November 2024. This arrangement continues to reinforce the ongoing financial cooperation in preserving monetary and financial stability in both countries amid global macroeconomic uncertainties.
2 The arrangement comprises two agreements:
a. A local currency bilateral swap agreement that allows for the exchange of local currencies between the two central banks of up to SGD9.5 billion or IDR100 trillion.
b. A bilateral repo agreement of USD3 billion that allows for repurchase transactions between the two central banks to obtain USD cash using G3 Government Bonds
3 The bilateral financial arrangement, 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. The arrangement has been extended annually since.
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[1] US Treasuries, Japanese Government Bonds and German Bunds.
