Media Release Bilateral Local Currency Swap Agreement With the Bank of Japan

The Reserve Bank of Australia has extended its bilateral local currency swap agreement with the Bank of Japan for a further three years. The 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 AUD 20 billion or JPY 1.6 trillion. An initial swap agreement between the two central banks had been signed in 2016.