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The Bank of Japan, acting as the agent for the Ministry of Finance, and the Bank of Thailand renewed a Bilateral Swap Arrangement (BSA) between the two countries, according to a statement issued on Monday

"The BSA is a two-way arrangement, in which both authorities are able to swap their local currencies in exchange for the US Dollar. The arrangement also enables Thailand to swap the Thai Baht against the Japanese Yen," the BOJ said. The agreement was implemented on Friday, 23 July, which was a public holiday in Japan.

It also said, "The size of the BSA remains unchanged, that is, up to USD3 billion or its equivalent in Japanese Yen. The renewed BSA introduces a precautionary scheme, which is a new feature to supplement the existing crisis-resolution scheme."

It also incorporates amendments to align the BSA with the recent amendments to the Chiang Mai Initiative Multilateralisation (CMIM) agreement.

"Both authorities agree that continuing such bilateral financial cooperation will help preserve financial stability in both countries, and support the close bilateral economic and trade relations between Japan and Thailand," the BOJ said.