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Singapore, Japan central banks agree on currency swap line

Reuters
The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore in this February 21, 2013 file photo. REUTERS/Edgar Su/File Photo

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)