Indonesian, Malaysian c banks sign $2b local currency swap deal

Reuters . Jakarta | Published at 12:00am on September 29, 2019

The central banks of Indonesia and Malaysia signed on Friday a $2 billion-equivalent of local currency bilateral swap agreement to encourage and facilitate use of those currencies in economic exchanges, Bank Indonesia (BI) said in a statement on Friday.

The agreement is applicable for three years and can be renewed, BI said.

The two central banks also signed an agreement to cooperate in developing payment systems and digital finance innovation.

BI has similar agreements with Thailand, China, Japan, Singapore, Australia, and South Korea.