SINGAPORE - The central banks of Singapore and Japan have set up a bilateral local currency swap agreement.
This agreement allows for the exchange of local currencies between the Monetary Authority of Singapore (MAS) and the Bank of Japan, of up to S$15 billion or 1.1 trillion yen.
It will enable the MAS to provide Japanese yen to eligible Singapore financial institutions in support of their cross-border operation, and vice versa.
The swap agreement took effect on Wednesday, for a term of three years.