Singapore, 5 November 2021…Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) today announced the extension of the USD10 billion bilateral financial arrangement to 4 November 2022. This arrangement has been endorsed by Indonesian President Joko Widodo and Singapore Prime Minister Lee Hsien Loong, and will continue to support monetary and financial stability in both countries amid the on-going recovery from the COVID-19 pandemic.
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 (about USD7 billion equivalent); and
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 BondsUS Treasuries, Japanese Government Bonds and German Government Bonds. as collateral.
3 The bilateral financing arrangement was established between BI and MAS in November 2018 to build confidence in each other’s economies, following the Singapore-Indonesia Leaders’ Retreat. The arrangement has been extended annually since.