JAKARTA - Bank Indonesia and Bank of Korea signed an extension of the bilateral currency swap arrangement (BCSA) worth KRW 10.7 trillion or Rp 115 trillion, which is effective today until March 5, 2023. This collaboration can be extended by the agreement of two parties.
As quoted from a press release from Bank Indonesia, on Friday (6/3), the BI Governor said the agreement was aimed at strengthening financial cooperation between BI and BOK. "This also shows the commitment of the two central banks to maintain financial stability amid continuing uncertainty on global financial markets," he said after signing a cooperation agreement with Bank of Korea Governor Juyeol Lee.
According to him, this BCSA cooperation allows the swap of local currency between the two central banks. The purpose of BCSA cooperation will be to guarantee the completion of trade transactions in local currency between the two countries even in crisis conditions, to support regional financial stability. (LK)