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Singapore, Indonesia establish US$10 billion bilateral financial agreement

Staff Writer
·Editorial team
A view of the Monetary Authority of Singapore’s headquarters in Singapore June 28, 2017. Picture taken June 28, 2017.
A view of the Monetary Authority of Singapore’s headquarters in Singapore June 28, 2017. Picture taken June 28, 2017.

Singapore and Indonesia have established a US$10 billion (S$13.8 billion) bilateral financial arrangement aimed at supporting monetary and financial stability, according to two agreements signed today (Nov. 5).

The one-year bilateral financial arrangement comprises a US$7 billion equivalent local currency swap agreement and an enhanced repo agreement of US$3 billion, a joint statement by Bank Indonesia (BI) and Monetary Authority of Singapore (MAS) said.

It will enable the two central banks to access foreign currency liquidity from each other, if needed.

The signing follows the earlier announcements by Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo at the Singapore-Indonesia Leaders’ Retreat on Oct. 11. The two leaders had asked BI and MAS to work out a confidence building bilateral financial agreement.