SINGAPORE (Reuters) - 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.
The swap agreement is effective as of Wednesday for a term of three years, it added.
($1 = 1.4248 Singapore dollars)
($1 = 112.7100 yen)
(Reporting by Masayuki Kitano; Editing by Kim Coghill)
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