JAKARTA – Bank Indonesia (BI) and Bank of Korea have agreed to extend the bilateral currency swap agreement (BCSA) of up to IDR 115 trillion.

According to the press release quoted Monday (6/3), the BCSA was signed by Perry Warijyo, Governor of Bank Indonesia, and Rhee Chang Yong, Governor of Bank of Korea. The agreement grants local currency swap between both state banks worth KRW 10.7 trillion.

With this agreement, the bilateral trade and financial collaboration between Indonesia and South Korea are expected to grow stronger, even allowing commercial activities using bilateral currencies during crisis.

The BCSA will be effective for another three years starting from March 6, 2023, until March 5, 2026. The agreement has begun since March 2014. (LK/ZH)