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Economy in brief: BI signs BCSA with Australia
Bank Indonesia (BI) has signed a bilateral currency swap arrangement (BCSA) with counterpart Reserve Bank of Australia (RBA) designed to facilitate trade
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ank Indonesia (BI) has signed a bilateral currency swap arrangement (BCSA) with counterpart Reserve Bank of Australia (RBA) designed to facilitate trade.
In a statement published on Tuesday, BI said that the AU$10 billion (US$7.20 billion) arrangement would be effective starting Dec. 15. It will be valid for three years and can be extended with the mutual consent of both sides.
The BCSA was signed by BI Governor Agus Martowardojo and RBA Governor Glenn Stevens, according to the statement.
It is the first currency swap arrangement that BI has inked with the RBA.
'The agreement shows the commitment of both central banks to maintain macroeconomic stability and regional finances in the face of high levels of global uncertainty,' Agus said in the statement.
It will also pave the way for trade settlements in local currencies between the two countries and for other uses that have been agreed by both parties.
The newly signed BCSA adds to the list of similar agreements that BI has already made, including with the People's Bank of China and Bank of Japan.
