SINGAPORE – Singapore and Japan renewed an agreement on Friday (May 21) that allows the two countries to swap their own currencies in exchange for United States dollars in times of need.

The Bilateral Swap Arrangement (BSA) between the central banks of the two nations also enables Singapore to obtain Japanese yen to meet possible fund requirements, the Monetary Authority of Singapore (MAS) said in a statement.

“Both authorities agree that the continued bilateral financial cooperation will contribute to financial stability in both countries, and support growing bilateral economic and trade ties,” the MAS said.