Bank Indonesia Signed A Renewal of Bilateral Local Currency Swap Arrangement with the Bank of Korea - Bank Sentral Republik Indonesia
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December 09, 2019

Today, Bank Indonesia and the Bank of Korea signed a renewal of a bilateral local currency swap arrangement (BCSA). This arrangement was signed by Governor of Bank Indonesia, Agus D.W. Martowardojo and Governor of the Bank of Korea, Juyeol Lee. Similar to the previous agreement, the purpose of the BCSA is to promote bilateral trade and financial cooperation for economic development of the two countries.

The arrangement allows for the exchange of local currencies between the two central banks of up to KRW 10.7 trillion or IDR 115 trillion. In particular, the arrangement will also ensure the settlement of trade in local currency between the two countries even in times of financial stress to support regional financial stability. The effective period of the facility will be three years, and could be extended by mutual consent of both sides.

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