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
Bank Indonesia and MAS announced a further extension of their bilateral financial arrangement by one year to 2 November 2024.
MAS has imposed a six-month pause on DBS Bank Ltd’s non-essential IT changes to ensure that the bank keeps sharp focus on restoring the resiliency resilience of its digital banking services.
MAS today launched a public consultation on its proposal to streamline the regulatory framework for fund managers. Specifically, the existing Registered Fund Management Companies (RFMCs) regime will be repealed, and existing RFMCs that are in operation will be approved as Licensed Fund Management Companies upon application.