TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Indonesia, Singapore announce currency swap agreement

News Desk (The Jakarta Post)
Jakarta
Thu, October 11, 2018

Share This Article

Change Size

Indonesia, Singapore announce currency swap agreement The Bank Indonesia (BI) logo is seen on the gate of its Jakarta headquarters. (Antara/File)

P

resident Joko “Jokowi” Widodo and Singaporean Prime Minister Lee Hsien Loong have agreed that Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) would have a currency swap agreement in facing the global uncertainty.

The agreement was announced when the leaders met in Bali on Thursday.

“Amid the global financial market uncertainty, cooperation is our focus. We welcome swap and repo agreements between BI and the MAS with a total value of US$10 billion,” said Jokowi at the Laguna Hotel, as reported by kontan.co.id.

Lee made a similar statement, saying the agreement was in response to external conditions affecting all market across the globe, including ASEAN countries.

“To respond to this situation, our central bank and BI will cooperate. Under the cooperation, BI could hold local currency swap to dollar with MAS with the total of $10 billion,” Lee added.

Meanwhile, BI Governor Perry Warjiyo said the two leaders believed that both countries could withstand global uncertainty.

“This region, including Indonesia, can face the global uncertainty. The two leaders agreed to strengthen both bilateral and regional cooperation to strengthen monetary and financial stability,” Perry added.

He said the two central banks would follow up on the agreement. “After the basic understanding between the two leaders, the central banks would [work out the details of the] cooperation. We will announce it later,” Perry added. (bbn)

{

Your Opinion Matters

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Enter at least 30 characters
0 / 30

Thank You

Thank you for sharing your thoughts. We appreciate your feedback.