Singapore, Japan central banks agree on currency swap line

The Monetary Authority of Singapore (MAS) and the Bank of Japan have established a local currency swap agreement, the MAS said on Wednesday. The agreement allows for the exchange of local currencies between the two central banks of up to 15 billion Singapore dollars ($10.53 billion) or 1.1 trillion yen, the MAS said. "It will enable MAS to provide Japanese yen liquidity to eligible Singapore financial institutions in support of their cross-border operations," the central bank said.