Jakarta: Japan and Indonesia renewed the Bilateral Swap Arrangement today.
The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Bank Indonesia (BI) signed the third Amendment and Restatement Agreement of the third BSA.
"The BSA enables Indonesia to swap its local currency in exchange for the US Dollar and the Japanese Yen," BI Communication Department Group Head Muhammad Nur said in a press release on Wednesday.
"The size of the Bilateral Swap Arrangement remains unchanged, that is, up to 22.76 billion US Dollars or its equivalent in Japanese Yen," he added.
According to him, the renewed Bilateral Swap Arrangement incorporates amendments to align the Bilateral Swap Arrangement with the recent amendments to the Chiang Mai Initiative Multilateralisation (CMIM) Agreement.
"Japan and Indonesia expect that the Bilateral Swap Arrangement, which is aimed at strengthening a financial safety net, will further help deepen financial cooperation between the two countries and contribute to regional and global financial stability," he concluded.
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