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Japan, Singapore central banks extend currency swap line

Japan, Singapore central banks extend currency swap line

A Japanese flag flutters in Tokyo, Japan. (File photo: Reuters/Toru Hanai)

TOKYO: The Bank of Japan (BOJ) and the Monetary Authority of Singapore have extended a local currency swap agreement by three years to 2022, the Japanese central bank said on Friday (Nov 29). 

The agreement allows for the exchange of local currencies between the two central banks of up to S$15 billion (US$11.0 billion) or 1.1 trillion yen (US$10.13 billion), the BOJ said.

"By utilising the swap agreement, the Bank of Japan would be prepared to provide liquidity in Singapore dollars, should Japanese financial institutions face unexpected difficulties in Singapore dollar settlements," the BOJ said.

The swap agreement, which was originally signed for a three-year term in 2016, is now extended to Nov 29, 2022, it added

Source: Reuters/ad

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