Bank of Korea and Bank Indonesia Signed a Renewal of Bilateral Local Currency Swap Arrangement - Bank Sentral Republik Indonesia
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June 01, 2020

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Bank of Korea and Bank Indonesia signed a renewal of a bilateral local currency swap arrangement (BCSA). This arrangement was signed by the Governor of Bank of Korea, Juyeol Lee and the Governor of Bank Indonesia, Perry Warjiyo. 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.

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. In particular, the arrangement will ensure the settlement of trade in local currency between the two countries even in times of financial stress and thus support regional financial stability. The effective period of the facility will be three years, from 6th March 2020 to 5th March 2023, which could be extended by mutual consent of both sides.

This announcement is available at the following websites:
 
Bank of Korea: http://www.bok.or.kr  
Bank Indonesia: http://www.bi.go.id
 
For further information, please contact:
(Bank of Korea) Financial Cooperation Team, International Affairs Department
Tel: 82-2-759-5961, 5376
(Korea Ministry of Strategy and Finance) Financial Cooperation Division, International Finance Bureau
Tel: 82-44-215-4830, 4833
 
Communication Department, Bank Indonesia
Onny Widjanarko
Executive Director
 
 
 
 

 

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