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Indonesia, Japan agree to swap currencies

Updated:2009-07-07 09:26:03

Indonesia and Japan have agreed to swap currencies amounting to 15 billion U.S. dollars (1.5 trillion yen) to reduce volatility of the Indonesian currency, Finance Minister Sri Mulyani Indrawati said Monday.

"The swap is on top of the similar bilateral agreement worth 12 billion U.S. dollars and the Chiang Mai Initiative Multilateralization (CMIM) worth 11.9 billion U.S. dollars," the minister said at a press conference here.

The swap arrangement will help reduce exposure of the Indonesian rupiah against the U.S. dollar.

Mulyani also said that Japan would provide 500 million U.S. dollars to support trade financing to Indonesia.

Indonesia signed a similar arrangement with China in March 2009, amounting to 15 billion U.S dollars. 

 

Source:http://news.xinhuanet.com

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