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No.25/54/DKom 

JOINT PRESS RELEASE

Bank Indonesia and Bank of Korea today announced a renewal of a bilateral local currency swap arrangement (BCSA). This arrangement was signed by the Governor of Bank Indonesia, Perry Warjiyo and the Governor of Bank of Korea, RHEE, Chang Yong. 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 support the settlement of trade in local currency between the two countries even in times of financial stress and thus support regional financial stability.

The arrangement was first established in March 2014 and has been extended several times since. The effective period of the current arrangement will be three years, from 6th March 2023 to 5th March 2026, and can be extended upon mutual consent. This renewal also reflects the strong ongoing financial cooperation between Bank Indonesia and Bank of Korea.

This announcement is available at the following websites:

Bank of Korea: http://www.bok.or.kr

Bank Indonesia: http://www.bi.go.id