Malaysia, Indonesia renew bilateral swap agreement.

The agreement has been extended for another 5 years.

Bank Negara Malaysia (BNM) and Bank Indonesia (BI) renewed their local currency bilateral swap agreement in a bilateral meeting held at Jakarta, Indonesia on 27 September 2024.

BNM Governor Dato’ Seri Abdul Rasheed Ghaffour and BI Governor Perry Warjiyo inked the agreement, extending it for 5 years, with a value amounting to over $5.8b (MYR24b or IDR82t). 

The bilateral swap agreement was first inked in 2019 and was renewed in 2022.

Apart from the agreement renewal, BNM and BI officials discussed policies encompassing macroeconomic, monetary, and financial development, payment systems and digitalisation, and strategies for advancing Islamic finance during the bilateral meeting.