MAS, Bank Indonesia set up US$10b bilateral financial arrangement

Singapore

THE Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) on Monday announced they have established a US$10 billion bilateral financial arrangement to enable the two central banks to access foreign currency liquidity from each other, if needed, to preserve monetary and financial stability.

The two agreements were signed on Monday by BI governor Perry Warjiyo and MAS managing director Ravi Menon, following earlier announcements by Indonesian President Joko Widodo and Prime Minister Lee Hsien Loong at the Singapore-Indonesia Leaders' Retreat on Oct 11, 2018. The two leaders had asked BI and MAS to work out a bilateral financial arrangement that can build confidence in each other's economies.