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Singapore and Indonesia renew US$10b currency pact

Published Tue, Oct 8, 2019 · 09:50 PM
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Singapore

SINGAPORE and Indonesia announced the renewal of a US$10 billion currency pact, which will help support monetary and financial stability in the region.

Both countries will continue to have access to each other's currency as well as US dollars, to settle trades or defend their currency in times of financial stress.

This was announced by Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo at the Istana on Tuesday as part of an annual leaders' retreat.

"A renewal on existing terms will help support monetary and financial stability in our countries and also in the region," said PM Lee at a joint press conference after a meeting between the leaders and an expanded meeting be…

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