Business News
Japan, Indonesia agree to double currency swap amount
Apr 6, 2009, 9:12 GMT
Tokyo - Japan and Indonesia signed an agreement on bilateral currency swap to increase the amount from 6 billion dollars to 12 billion dollars under an initiative to stabilize the financial state of the South-east Asian region, Japanese Finance Ministry said Monday.
Under the agreement, Indonesia would be able to swap rupiah worth up to 12 billion dollars when short-term liquidity support is needed.
The Chiang Mai Initiative was first introduced in the region in 2000 to allow the members of Association of South-East Asian Nations and Japan, China and South Korea to swap currencies on a bilateral basis among one another.
The scheme was aimed at averting a financial crisis similar to the 1997-98 currency collapses in Asia.
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