The Bank of Japan, acting as the representative of the Finance Minister of Japan, and the Monetary Authority of Singapore renewed the existing Bilateral Swap Agreement (BSA) between the two countries.
The BSA enables the authorities of Japan and Singapore to exchange their local currencies against the US dollar from each other and Singapore to exchange Singapore dollars against Japanese yen in times of need.
The size of the BSA remains unchanged, that is, Singapore can exchange Singapore dollars for up to US$3 billion or its equivalent in Japanese yen from Japan, and Japan can exchange Japanese yen for up to US$1 billion from Singapore.
The updated BSA incorporates amendments to align with recent amendments to the Chiang Mai Multilateral Initiative (CMIM) Agreement.