International and Regional Initiatives

ASEAN+3 Chiang Mai Initiative Multilateralisation Agreement (CMIM)

12 May 2022

ASEAN+ 3 members worked on improving CMIM accessibility and reliability. This included agreeing on a new reference rate to replace the LIBOR, updating the CMIM Operational Guidelines on the use of local currency for CMIM arrangements, carrying out the 13^th test run to enhance the operational readiness of the CMIM and ensuring that it will be an effective financing option for members in times of need.

MAS and the People’s Bank of China (PBC) renewed the BCSA for a further term of five years until 2027. The BCSA has been a key pillar of co-operation between MAS and PBC since 2010. Under the arrangement, up to CNY300 billion in Chinese Yuan liquidity and S$65 billion in Singapore Dollar liquidity will be available to financial institutions operating in Singapore and China respectively, to support the financing of trade and investment, and stabilise financial markets.    

Bilateral financial arrangement between Indonesia and Singapore extended into 2023

4 November 2022

MAS and Bank Indonesia (BI) extended the bilateral financial arrangement, which was first established in 2018, for another year, to reinforce the ongoing financial cooperation in preserving monetary and financial stability in both countries amid global macroeconomic uncertainties. The arrangement comprised two agreements: (i) a local currency bilateral swap agreement that allows for the exchange of local currencies between the two central banks of up to S$9.5 billion or IDR100 trillion; and (ii) a bilateral repo agreement of US$3 billion that allows for repurchase transactions between the two central banks to obtain US Dollar cash using G3 Government bonds as collateral.