October 8, 2019 / 11:50 AM / 9 days ago

Singapore, Indonesia extend $10 billion swap agreement

SINGAPORE (Reuters) - The central banks of Singapore and Indonesia have agreed to extend a $10 billion bilateral financial arrangement for one year to support monetary stability, Singapore Prime Minister Lee Hsien Loong said on Tuesday.

The deal, which includes a local currency bilateral swap agreement and a repo agreement, was signed last year.

“The renewal, on existing terms, will help support monetary and financial stability in our countries, and in the region,” Lee said at a press conference, following a meeting with Indonesian President Joko Widodo.

Reporting by Fathin Ungku in Singapore, editing by Louise Heavens

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