The central bank (Bank Indonesia/B.I.) and the Monetary Authority of Singapore (MAS) agreed to extend bilateral swap agreements worth of $10 billion for another year. The extension of this collaboration will be carried out starting November 2019.

The agreement was signed after Annual Leaders Meeting between President Joko Widodo and Singapore Prime Minister Lee Hsien Loong on Tuesday (October 8). Head of state said the continuation of bilateral swap cooperation was one of the three agreements reached with Singapore. He hopes that this collaboration could increase the stability and economic development around the region.

While Lee revealed, this cooperation includes bilateral swap agreements in local currency and repo in US dollars, which BI and MAS signed in November last year. This collaboration is expected to support monetary and financial stability in both countries.

He added, the collaboration between the two central banks also carried out to respond the external conditions in global financial markets that affect all markets in the world including Southeast Asian countries (ASEAN) and Indonesia.