Bank Indonesia and the Monetary Authority of Singapore Further Extend Bilateral Financial Arrangement
Singapore, 4 November 2022…Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) today announced a further extension of bilateral financial arrangement to 3 November 2023. This arrangement was endorsed by Indonesia President Joko Widodo and Singapore Prime Minister Lee Hsien Loong to reinforce the ongoing financial cooperation in preserving monetary and financial stability in both countries amid global macroeconomic uncertainties.
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.
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 Bunds. as collateral.
3 The bilateral financial arrangement was established between BI and MAS in November 2018 following the Indonesia-Singapore Leader’s Retreat. The arrangement has been extended annually since.