JAKARTA, Mar 4: Bank Indonesia (BI) announced on Tuesday that Indonesian and Australian financial institutions have renewed their bilateral currency swap arrangement (BCSA).
Governor Perry Warjiyo of BI and Governor Michele Bullock of the Reserve Bank of Australia (RBA) have signed the updated agreement, which is set to last for five years from March 4, 2025.
“The BCSA facilitates the exchange of local currencies between the two central banks, valued at up to 10 billion Australian dollars (6.2 billion U.S. dollars) along with the corresponding Indonesian rupiah,” BI stated in a press release.
This agreement continues a partnership that started in December 2015.
The renewal underlines the commitment of BI and RBA to boost bilateral trade and investment, benefiting the economies of both countries.
Besides Australia, BI also collaborates in local currency exchanges with various other central banks in the region, including those in China, South Korea, and Malaysia. (UNI)
