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Singapore, Japan central banks agree on currency swap line
[SINGAPORE] The Monetary Authority of Singapore (MAS) and the Bank of Japan have established a local currency swap agreement, the MAS said on Wednesday.
The agreement allows for the exchange of local currencies between the two central banks of up to S$15 billion or 1.1 trillion yen, the MAS said.
"It will enable MAS to provide Japanese yen liquidity to eligible Singapore financial institutions in support of their cross-border operations," the central bank said.
The swap agreement is effective as of Wednesday for a term of three years, it added.