"This arrangement was endorsed by Indonesia President Joko Widodo and Singapore Prime Minister Lee Hsien Loong to reinforce the ongoing financial cooperation in preserving monetary and financial stability in both countries amid global macroeconomic uncertainties," BI and MAS stated in a joint media release on Friday.
The arrangement comprises two agreements:
- 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.
- 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 as collateral.
The bilateral financial arrangement was established between BI and MAS in November 2018 following the Indonesia-Singapore Leader's Retreat.
The arrangement has been extended annually since.
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