Oct 21, 2013
October 12th 2013 - On October 12, 2013 Finance Minister and Central Bank Governors from Korea and Indonesia agreed to establish a bilateral KRW/IDR swap arrangement.
Accordingly, the central banks of both countries agreed to establish the KRW/IDR swap arrangement in the near future. The size of the swap arrangement is up to 10.7 trillion KRW/115 trillion IDR (equivalent to 10 billion USD). The effective period of the facility will be 3 years, and could be extended by agreement between the two sides.
This Bilateral Currency Swap Arrangement (BCSA) aims to promote bilateral trade and further strengthen financial cooperation, an objective of mutual interest to both countries.
The two sides agree that such arrangement will contribute positively to the stabilization of the regional financial market and strengthen bilateral economic and financial cooperation to counter against the growing uncertainties in the global economy.
Re-disseminated by The Asian Banker