Macroeconomic and Financial Stability

Regional Initiatives

Renewal of ASEAN Swap Arrangement (ASA) for another two years to promote financial stability in the region 

17 November 2019

Established in 1977 at an initial size of US$100 million, the ASA is now a US$2 billion multilateral swap arrangement to promote monetary stability in the region.

MAS and Bank of Japan (BoJ) renewed Bilateral Local Currency Swap Agreement to facilitate exchange of local currencies 

29 November 2019

BoJ and MAS renewed the Bilateral Local Currency Swap Agreement (BLCSA) of JPY1.1 trillion (S$15 billion) for a term of three years. Under the arrangement, MAS would be able to provide Japanese Yen liquidity to eligible Singapore financial institutions in support of their cross-border operations.

MAS and Bank Indonesia (BI) extended the bilateral financial arrangement to preserve monetary and financial stability 

5 November 2019

MAS and BI extended the US$10 billion bilateral financial arrangement for another year. It comprised two agreements:

  • A local currency bilateral swap agreement that allowed for the exchange of local currencies (of up to US$7 billion equivalent); and
  • A bilateral repo agreement that allowed for repurchase transactions to obtain up to US$3 billion using G3 government bonds as collateral.