MAS, BoJ renew bilateral local currency swap arrangement

THE Monetary Authority of Singapore announced on Friday the renewal of the bilateral local currency swap arrangement with the Bank of Japan for another three years.

The agreement was established in November 2016 to enable the two central banks to exchange local currencies with each other of up to S$15 billion or 1.1 trillion Japanese yen.

Under the arrangement, MAS will be able to provide Japanese yen liquidity to eligible Singapore financial institutions to support their cross-border operations.