Monetary Authority of Singapore and Bank of Japan Renew Bilateral Local Currency Swap Arrangement
Singapore, 29 November 2022… The Monetary Authority of Singapore (MAS) today announced the renewal of the Bilateral Local Currency Swap Arrangement with the Bank of Japan (BOJ) for another three years.
2 Under the arrangement, the two central banks can exchange local currencies with each other of up to SGD 15 billion or JPY 1.1 trillion. MAS will thus be able to provide Japanese Yen liquidity to eligible Singapore financial institutions to support their cross-border operations.
3 The arrangement was established in November 2016 and renewed in November 2019 for three years.
Opening Remarks by Mr Ravi Menon, Managing Director of MAS, at the 25th Anniversary Celebration of IMF-Singapore Regional Training Institute
The partnership will focus on finding ways to better mobilise financing to make digital services more affordable and accessible for underserved individuals and communities, and MSMEs, with the support of financial institutions and FinTech companies.
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.