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  • Indonesia and South Korea Extend Currency Exchange Cooperation
Article:

Indonesia and South Korea Extend Currency Exchange Cooperation

31 March 2020

Bank Indonesia (BI) and Bank of Korea of South Korea have signed an extension of the agreement related to the Bilateral Currency Swap Agreement (BCSA) in the amount of Rp115 trillion, which is effective from 6 March 2020 to 5 March 2023 and can be extended by the agreement of both parties. The agreement was signed by BI Governor, Perry Warjiyo and Bank of Korea Governor, Juyeol Lee. Perry stated that the cooperation allows the two countries to exchange currencies. The exchange is expected to encourage bilateral trade and strengthen financial cooperation that benefits the economies of the two countries. It is also expected that this cooperation will guarantee the completion of trade transactions in local currency between the two countries even in conditions of crisis, so that regional financial stability is better maintained.

In addition to South Korea, BI has also entered into currency exchange cooperation with a number of central banks of other countries, including the cooperation with Singapore and Australia.