A planned US$10 billion (S$13.8 billion) currency swap deal and US dollar repurchase agreement between Singapore and Indonesia will boost confidence in uncertain times, say analysts.
They say both would serve as a second line of defence, complementing the existing Chiang Mai Initiative, a multilateral currency swap arrangement among Asean members plus China, Japan and South Korea. Indonesia has never called it into use. The Indonesia-Singapore deals would also signal growing trust between the two neighbours, the analysts say.
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