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The Bank of Japan and the Monetary Authority of Singapore have renewed the Bilateral Swap Arrangement (BSA) between the two countries, the Japanese central bank said Friday, adding that the arrangement would help meet possible liquidity needs of both and that its size was unchanged.

Under the terms, Singapore can exchange Singapore dollars for up to USD3 billion or its equivalent in Japanese yen from Japan while Japan can swap Japanese yen up to USD1 billion with Singapore.

"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 BOJ said