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MAS signs third bilateral swap arrangement with Bank of Japan

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The Monetary Authority of Singapore said that it has signed the third Bilateral Swap Arrangement with the Bank of Japan - acting as the agent for the Minister of Finance - to enable the authorities in Japan and Singapore to swap their local currencies against US dollars.

THE Monetary Authority of Singapore (MAS) said in a statement on Thursday that it has signed the third Bilateral Swap Arrangement (BSA) with the Bank of Japan - acting as the agent for the Minister of Finance - to enable the authorities in Japan and Singapore to swap their local currencies against US dollars.

The size of the facility is the same as the previous BSA where Singapore can swap Singapore dollars against US dollars up to US$3 billion while Japan can swap Japanese yen against US dollars up to US$1 billion.

"The authorities in Japan and Singapore are of the view that the strengthened bilateral financial cooperation will contribute to the stability of their financial markets, and help support growing economic and trade ties between the two countries," the MAS statement said.