Jakarta, Oct 15 (IANS) The central banks of Indonesia and Japan renewed their bilateral swap agreement (BSA) on Tuesday.
The BSA is a bilateral currency exchange agreement between the two countries, allowing for the exchange of Indonesian rupiah with US dollars and/or Japanese yen as a second line of defence in maintaining external resilience.
The BSA between Indonesia and Japan was first signed in February 2003 and has been extended several times. The latest renewal was signed by Bank Indonesia Governor Perry Warjiyo and Bank of Japan Governor Kazuo Ueda, effective from October 14, 2024, to October 13, 2027, Xinhua news agency reported.
"This renewed cooperation allows Indonesia to exchange rupiah for US dollars and/or Japanese yen up to 22.76 billion US dollars or the equivalent value in Japanese yen," said Bank Indonesia's Communication Department Executive Director Ramdan Denny Prakoso in Jakarta on Tuesday.
Indonesia and Japan view the extension of the BSA as a means to strengthen financial cooperation between the two countries by providing a financial safety net, which is expected to contribute to financial stability at both regional and global levels.
"The extension of this cooperation also highlights the importance of international partnerships as part of Bank Indonesia's policy mix, which is expected to enhance the external resilience of Indonesia's economy," said Prakoso.
--IANS
int/jk/as
You may also like
Don't Make These 5 Mistakes on Sharad Purnima, Even by Accident
What is Digital Dementia?
Get a chance to get a government job in IGCAR today
Is there another new world under the sea?
This actress used to shoot prank videos with people on the streets
No one was sick but Delta cancels meal services on 200 flights over 'safety issue'
Huge new Hollywood blockbuster 'set to lose $200 million' after box office catastrophe
Al Pacino's wild love life from steamy on set affair to 'oldest dad on record'
Rajasthan bypolls: Over one crore voters to decide fate of seven candidates
Godrej Magic HandwashReinforces the Power of Hand Hygiene for a Cleaner, Healthier World on Global-Handwashing-day
Simon Jordan sums up Ryder Cup ticket prices and has message to Team USA's players
Sofia Richie feared for her and her unborn baby's life during 'terrifying' pregnancy ordeal
Meghan Markle's friend reveals real reason she didn't attend engagements with Harry
'My son was dripping in blood with finger hanging off when our washing machine exploded'
"Don't understand reason behind such arrangement": Shiv Sena (UBT)'s Arvind Sawant on Maharashtra poll schedule
Inviting outside forces dents efforts for unity: Rajnath tells neighbours on maritime security
'I visited Tom Kerridge's Michelin-starred pub and was stunned by £8 menu item'
India-Canada ties hit rock bottom; Delhi strongly rejects Ottawa's fresh charges
Greg James hits out at Channel 4 for 'rushing' his axed TV show as it rivalled the Traitors
Harry Kane immediate Thomas Tuchel England manager verdict speaks volumes after FA talks