Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) has announced that they will be extending the US$10 billion ($13.61 billion) bilateral financial arrangement for another year.

The agreement was first established in November 2018 after the Singapore-Indonesia Leaders’ Retreat, and was extended for a year in November 2019.

The extension, which was announced on Nov 5, has been endorsed by President Joko Widodo and Prime Minister Lee Hsien Loong, and will support monetary and financial stability in both countries.

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