The signing was carried out by BI Governor Perry Warjiyo and Bank of Korea Governor Juyeol LeeJakarta (ANTARA) -
Bank Indonesia (BI) and Bank of Korea signed an extension of the bilateral currency swap arrangement (BCSA), valued at 10.7 trillion Korean won or Rp115 trillion, effective from March 6, 2020 to March 5, 2023, and can be extended on the agreement of both parties.
"The signing was carried out by BI Governor Perry Warjiyo and Bank of Korea Governor Juyeol Lee," BI Communication Department Executive Director Onny Widjanarko said in a statement here on Thursday.
With regard to the cooperation, the BI Governor stated, "The agreement reflects the strengthening of financial cooperation between BI and Bank of Korea, as well as demonstrates the commitment of the two central banks to maintain financial stability amid continuing uncertainty on global financial markets".
This cooperation allows the exchange of local currencies between the two central banks.
As with the previous agreement, the purpose of the BCSA cooperation is to encourage bilateral trade and strengthen financial cooperation that is beneficial for the economic development of the two countries.
Specifically, Onny noted, the cooperation will also guarantee the completion of trade transactions in local currencies between the two countries, even in crisis conditions, in order to support regional financial stability.
(INE)
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Translator: Achmad Buchori, Azis Kurmala
Editor: Fardah Assegaf
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