, Singapore
Stock photo. Credits to Unsplash.

MAS, Bank Indonesia extends bilateral financial arrangement

Both leaders of Singapore and Indonesia endorsed the arrangement.

The Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have extended their bilateral financial arrangement to 3 November 2023. 

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. 

ALSO READ: Singapore to eliminate all corporate cheques by 2025

Under the agreement, the two central banks may exchange local currencies of up to $9.5b or IDR100t. MAS and BI also have 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. 

The agreement between the central banks began in November 2018 following the Indonesia-Singapore Leader’s Retreat. The arrangement has been extended annually since.

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