November 6, 2020, 03.04 AM 

3. Indonesia and Singapore Extend Bilateral Financial Arrangement

Endorsed by Indonesian President Joko Widodo and Singaporean Prime Minister Lee Hsien Loong last November 2018, the central banks of both countries have agreed to extend their $10 billion bilateral financial arrangement for another year.

Indonesia is represented by Bank Indonesia (BI) while its counterpart is represented by the Monetary Authority of Singapore (MAS).

The Bank Indonesia decision demonstrates the commitment between both countries to support their respective economies as the coronavirus pandemic rages on.

The Indonesia-Singapore bilateral financial arrangement comprises of two agreements: Local Currency Bilateral Swap Agreement (LCBSA) and Bilateral Repo Agreement (BRL).

The LCBSA will allow BI and MAS to exchange local currencies of up to Rp 100 trillion or $9.5 billion.

Whereas the BRL valued up to $3 billion allows both central banks to repurchase transactions by using G3 government bonds as collateral to purchase USD cash.


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