Thursday 28 Mar 2024
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SINGAPORE (Nov 30): The Monetary Authority of Singapore (MAS) and the Bank of Japan have established a local currency swap agreement, the MAS said on Wednesday.

The agreement allows for the exchange of local currencies between the two central banks of up to 15 billion Singapore dollars (US$10.53 billion) or 1.1 trillion yen, the MAS said.

"It will enable MAS to provide Japanese yen liquidity to eligible Singapore financial institutions in support of their cross-border operations," the central bank said.

The swap agreement is effective as of Wednesday for a term of three years, it added.

(US$1 = 1.4248 Singapore dollars)
(US$1 = 112.7100 yen)

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