Bank Indonesia and Monetary Authority of Singapore Further Extend Bilateral Financial Arrangement to 2 November 2024
Singapore, 3 November 2023… Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) today announced a further extension of their bilateral financial arrangement by one year to 2 November 2024. This arrangement continues 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 Bonds
3 The bilateral financial arrangement, endorsed by Indonesia President Joko Widodo and Singapore Prime Minister Lee Hsien Loong, was established between BI and MAS in November 2018 following the Indonesia-Singapore Leaders’ Retreat. The arrangement has been extended annually since.
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At the launch of the Financial Services Industry Transformation Map 2025, Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman, MAS shared the plans, strategies and targets for the next five years for our financial centre to continue to stay relevant and competitive.