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Screenshot of a breaking news alert e-mail from Q2 2017
The Ministry of Finance of Japan, and the Monetary Authority of Singapore (MAS) announced their intent to renew the existing Bilateral Swap Arrangement (BSA) when it expires on 21 May 2018.
The current BSA enables the authorities in Japan and Singapore to swap their local currencies (i.e. the Japanese yen and the Singapore dollar, respectively) in exchange for US dollars in times of need.
Japan and Singapore are in discussion to include Japanese yen as an additional currency of choice of swap, in addition to the US dollars under the BSA for Singapore. There is no change to the size of the facility.
Both authorities agree that the continued bilateral financial cooperation will contribute to the stability of the financial markets in both countries, support growing bilateral economic and trade ties, and promote the use of local currency, for example, Japanese yen, in the region.