Indonesia, Singapore Sign $10 Billion Swap Agreement

President Joko 'Jokowi' Widodo and Singaporean Prime Minister Lee Hsien Loong, back left, witness the signing of a currency swap agreement on the sidelines of the 2018 Annual Meetings of the International Monetary Fund and World Bank Group in Nusa Dua, Bali, on Thursday. (Antara Photo/Veri Sanovri)

By : Gayatri Suroyo | on 7:56 PM October 11, 2018
Category : Business, Economy

Nusa Dua. Indonesia and Singapore signed a $10 billion swap agreement on Thursday to forge closer financial cooperation between the two neighbors, the presidential office said in a statement.

The agreement was made during the Asean Leaders' Conference attended by President Joko "Jokowi" Widodo and Singaporean Prime Minister Lee Hsien Loong on the sidelines of the Annual Meetings of the International Monetary Fund and World Bank Group in Nusa Dua, Bali.

Bank Indonesia and the Monetary Authority of Singapore agreed to open a line for $10 billion-equivalent local currency swap and US dollar repurchase agreement, intended to "strengthen liquidity management and support financial market deepening" and maintain economic stability of the two nations, the statement said.

The two governments also signed other agreements on tourism promotion, protection of foreign investment and fintech cooperation.

"I hope this will increase Singaporean investors' confidence to always invest in Indonesia. This agreement will also serve as a model and reference on future investment agreements," Jokowi said in the statement.

Additional reporting by Agustinus Beo Da Costa in Jakarta

Reuters

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