Singapore retained its position as the third largest FX centre in the world, after the UK and the US, with its share of global FX volumes rising to 9.5% in April 2022, from 7.7% in April 2019. FX average daily trading volumes rose to US$929 billion in April 2022, increasing by 45% from April 2019.
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