Bank Indonesia and Monetary Authority of Singapore Extend Bilateral Financial Arrangement
Singapore, 5 November 2019...Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) today announced the extension of the USD10 billion bilateral financial arrangement for another year. This follows the earlier agreement between Indonesian President Joko Widodo and Singapore Prime Minister Lee Hsien Loong at the Singapore-Indonesia Leaders’ Retreat on 8 October 2019 to extend the bilateral financial arrangement for another year.
The arrangement was in November 2018 to enable the two central banks to access foreign currency liquidity from each other, if needed, to preserve monetary and financial stability. It 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 SGD 9.5 billion or IDR 100 trillion (about USD 7 billion equivalent); and
b. A bilateral repo agreement of USD 3 billion that allows for repurchase transactions between the two central banks to obtain USD cash using G3 Government Bonds
MAS launched a public consultation on a revised framework to strengthen surveillance and defence against money laundering risks in Singapore’s Single Family Office sector.
MAS and the China Securities Regulatory Commission held their annual supervisory roundtable, where both regulators exchanged views on supervisory approaches and discussed initiatives to deepen capital markets connectivity between Singapore and China.
MAS' statement on Credit Suisse's operations in Singapore after the announced takeover by UBS Group AG.