Renewal of Bilateral Swap Arrangement between Japan and Singapore
Singapore, 21 May 2021… The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Monetary Authority of Singapore renewed the existing Bilateral Swap Arrangement (BSA) between the two countries today. The arrangement enables the authorities in Japan and Singapore to swap their local currencies in exchange for US dollars from each other in times of need and enables Singapore to obtain Japanese yen to meet possible liquidity needs.
2. The size of the arrangement remains unchanged. Under the terms of the arrangement, Singapore can swap Singapore dollars for up to US$3 billion or its equivalent in Japanese yen from Japan. Japan can swap Japanese yen for up to US$1 billion from Singapore. The renewal of the BSA incorporates amendments to align the BSA with the recent amendments to the Chiang Mai Initiative Multilateralisation (CMIM) Agreement, including the increase in the IMF De-linked Portion from 30% to 40%
3. Both authorities agree that the continued bilateral financial cooperation will contribute to financial stability in both countries, and support growing bilateral economic and trade ties.
Mr Ravi Menon, Managing Director, MAS, spoke on MAS' efforts to build three foundational digital infrastructures, as well as MAS’ collaboration with UNDP to maximise opportunities for MSMEs.
Joint Statement of the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM)
State Bank of Vietnam, the central bank of Viet Nam, has officially joined the Regional Payment Connectivity (RPC) initiative. This recent development is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) that was initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand at the sidelines of the G20 Leaders’ Summit.