MAS and Bank Indonesia extend bilateral financial arrangement until 2024

The agreement between both central banks was extended to 2 November 2024.

The Monetary Authority of Singapore (MAS) and the Bank Indonesia (BI) extended their bilateral financial agreement by one year to 2 November 2024.

The arrangement aims to strengthen the ongoing partnership in preserving monetary and fiscal stability in both markets amidst global macroeconomic shifts.

The deal between the two financial institutions are:

a. A local currency bilateral swap agreement that allows for the exchange of local currencies between the two central banks of up to $9.5b or IDR100t.

b. A bilateral repo agreement of US$3b that allows for repurchase transactions between the two central banks to obtain USD cash using G3 Government Bonds as collateral.

Approved by both Singapore Prime Minister Lee Hsien Loong and Indonesia President Joko Widodo, the agreement was established between MAS and BI during the 2018 Indonesia-Singapore Leaders’ Retreat and has been expanded yearly since.