Media Releases
Published Date: 21 May 2021

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%The IMF De-Linked Portion is the amount each member may request from the CMIM when there is no IMF-supported programme in place..


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.