The Reserve Bank of Australia and Bank Indonesia have renewed and strengthened their bilateral currency swap arrangement for another five years, effective March 4.
The agreement was signed by BI Governor Perry Warjiyo and RBA Governor Michele Bullock, reinforcing the financial cooperation between the two nations.
The renewed arrangement allows for the exchange of local currencies between the two central banks, with a maximum value of $10 billion and the corresponding amount in Indonesian rupiah.
Originally established in December 2015, the bilateral currency swap arrangement has been periodically renewed to support economic stability and bilateral trade between Indonesia and Australia.