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Singapore, Japan sign bilateral local currency swap agreement

Xinhua, November 30, 2016 Adjust font size:

Monetary Authority of Singapore (MAS) and the Bank of Japan on Wednesday announced the establishment of a bilateral local currency swap agreement, said MAS in a media release.

MAS said the swap agreement is effective as of Wednesday, for a term of three years. This agreement allows for the exchange of local currencies between the two central banks of up to 15 billion Singapore dollars (10.52 billion U.S. dollars) or 1.1 trillion Japanese yen.

MAS added that it will enable the authority to provide Japanese yen liquidity to eligible Singapore financial institutions in support of their cross-border operations. Endit