Indonesia, Australia Renew Bilateral Local Currency Swap Arrangement

Jakarta: The Reserve Bank of Australia (RBA) and Bank Indonesia (BI) have renewed the Bilateral Local Currency Swap Arrangement on February 18.
 
The initial swap agreement between the two central banks was signed in 2015 and has been renewed for three-year periods since that time. 
 
As with the previous facility, the agreement allows for the exchange of local currencies between the two central banks of up to A$10 billion or IDR 100 trillion. 

The facility will be effective for a further three-year period, and can be extended again by mutual consent of both sides.
 
"This agreement is designed to promote bilateral trade for the economic development of Australia and Indonesia," the central banks said in a press release on Monday.
 
"In particular, the agreement will ensure that trade between the two countries can continue to be settled in local currency even in times of financial stress. The agreement can also be used for other, mutually agreed, purposes," the central banks stated.
 
This agreement was signed by BI Governor Perry Warjiyo and RBA Governor Philip Lowe. 
 
"It reflects the strong ongoing cooperation between Bank Indonesia and the Reserve Bank of Australia," the central banks concluded.
 
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