Renewal of Bilateral Local Currency Swap Agreement With Bank of Japan

The Reserve Bank of Australia and Bank of Japan have renewed the Bilateral Local Currency Swap agreement for a further three years.

The initial swap agreement between the two central banks was signed in 2016 and has been renewed for three-year periods since that time. Each agreement is designed to enhance the financial stability of the two countries, and allows for the exchange of local currencies between the two central banks of up to A$20 billion or JPY 1.6 trillion.