Indonesia, Australia agree to extend currency swap agreement
The central banks of Indonesia and Australia have agreed to extend the Bilateral Local Currency Swap Arrangement, which is due to expire in December 2018.
A woman waits in line at a money changer in Jakarta on Feb. 28. (Antara/Puspa Perwitasari)
Jakarta (VNA) - The central banks of Indonesia and Australia haveagreed to extend the Bilateral Local Currency Swap Arrangement, which is due toexpire in December 2018.
The agreement will span a period of three years and allow for the exchange oflocal currencies between the two central banks of up to 100 trillion IDR or 10billion AUD.
Bank Indonesia (BI) Governor Perry Warjiyo said the extension of the agreementwill help expand the trade between the two countries because the transactionscould be implemented by using the local currencies.
The extension of the agreement reflects the wish to strengthen financialcooperation between Indonesia and Australia. Each country could use theirrespective currencies in the bilateral trade to reduce dependency on US dollar,Parry added.
The agreement is part of Indonesia’s efforts to boost the financial market andsupport the economic recovery.
Australia is one of Indonesia’s important economic partners. Indonesia’sexports to Australia reached 1.6 billion USD in the first five months of thisyear, up 14.05 percent from the same period last year.-VNA
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A woman waits in line at a money changer in Jakarta on Feb. 28. (Antara/Puspa Perwitasari) 
