International and Regional Initiatives
Renewal of Bilateral Swap Arrangement (BSA) between Japan and Singapore
21 May 2024
The Bank of Japan, acting as agent for the Minister for Finance of Japan, and MAS renewed the existing BSA between Japan and Singapore. The BSA enables both countries’ authorities to swap their local currencies in exchange for the US dollar from each other, and for Singapore to swap Singapore dollars in exchange for Japanese yen, in times of need. The size of the BSA remains unchanged; Singapore can swap Singapore dollars for up to US$3 billion or its equivalent in Japanese yen from Japan, and Japan can swap Japanese yen for up to US$1 billion from Singapore.
12th Asian Monetary Policy Forum (AMPF)
22–23 May 2025
The 12th AMPF brought together leading academics and policymakers to discuss challenges for monetary policy and financial stability amid geo-economic shifts. The forum hosted panel sessions such as on the evolution of international economic and financial linkages, and the propagation of global policy shocks through financial markets.
Extension of bilateral financial arrangement between Bank Indonesia (BI) and MAS to 1 November 2027
4 November 2024
BI and MAS further extended their bilateral financial arrangement for a period of three years to 1 November 2027. The bilateral financial 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 S$9.5 billion or Rp100 trillion; and (b) 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.
Singapore supports ASEAN and ASEAN+3 efforts to strengthen regional financial cooperation
10 April 2025
At the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and Related Meetings hosted by Malaysia from 7-10 April 2025, Finance Ministers and Central Bank Governors reaffirmed ASEAN’s commitment to strengthen financial resilience and advance financial integration and connectivity within ASEAN. The meetings included exchanges with International Financial Institutions, the ASEAN Business Advisory Council, EU-ASEAN Business Council and US-ASEAN Business Council on pressing regional and global issues. A key regional initiative is the multi-year Project Revive, aimed at enhancing the governance, structure and process of ASEAN financial cooperation, to shape a future-ready ASEAN, in line with the ASEAN Strategic Plan 2026-2030 and the ASEAN Community Vision 2045.
5 May 2025
At the 28th ASEAN+3 Finance Ministers and Central Bank Governors Meeting in May 2025, Finance Ministers and Central Bank Governors agreed to strengthen regional financial cooperation, including through the Regional Financing Arrangement Future Direction / Chiang Mai Initiative Multilateralisation (CMIM), ASEAN+3 Macroeconomic Research Office Asian Bond Market Initiative, Disaster Risk Financing and ASEAN+3 Future Initiatives. The meeting reaffirmed ASEAN+3 members’ commitment to enhanced regional unity and cooperation. One of the initiatives to reinforce the regional financial safety net is the institutionalisation of a new Rapid Financing Facility under the CMIM, to address members’ urgent balance of payment difficulties stemming from sudden exogenous shocks.