Jakarta, March 4 -- Bank Indonesia (BI) and the Reserve Bank of Australia (RBA) have agreed to renew their bilateral currency swap agreement (BCSA).

According to an official statement released by the BI's communication department on Tuesday, the agreement was signed by BI Governor Perry Warjiyo and RBA Governor Michele Bullock.

The five-year agreement will be effective starting March 4, 2025. Bank Indonesia informed that the agreement extends the cooperation forged by the two central banks since December 2015.

The cooperation, BI said, allows the exchange of local currencies of up to 10 billion Australian dollars (equivalent to US$6.2 billion) or the equivalent rupiah value.

"The renewal of the agreement also confirms the commitment o...