Singapore, Japan central banks extend bilateral currency swap program
Under the agreement, Singapore provides yen liquidity to eligible financial firms to support cross-border operations.
The Monetary Authority of Singapore (MAS) has renewed its Bilateral Local Currency Swap Agreement with the Bank of Japan for another three years, according to a press release.
Under this program, MAS will provide yen liquidity to enable eligible Singapore financial institutions to support their cross-border operations.
The agreement was established in November 2016 to enable the two central banks to exchange local currencies with each other for up to US$10.9b (S$15b; JPY1.1t).