JAKARTA, March 4 (Xinhua) -- Bank Indonesia (BI) announced on Tuesday that Indonesian and Australian financial institutions have extended their bilateral currency swap arrangement (BCSA).

Governor Perry Warjiyo of BI and Governor Michele Bullock of the Reserve Bank of Australia (RBA) signed the renewed arrangement, which will span five years, beginning on March 4, 2025.

"The BCSA enables the exchange of local currencies between the two central banks with a value of up to 10 billion Australian dollars (6.2 billion U.S. dollars) and the corresponding Indonesian rupiah," BI said in a press release.

The deal extends a cooperation that began in December 2015.

The renewal reaffirms BI and RBA's commitment to enhancing bilateral trade and investment for the benefit of both nations' economies.

In addition to Australia, BI engages in local currency cooperation with other central banks in the region, including those of China, South Korea, and Malaysia. Enditem

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