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Indonesian, South Korean central banks renew local currency swap arrangement

JAKARTA (Reuters) - The central banks of Indonesia and South Korea on Monday renewed a bilateral local currency swap arrangement to promote trade and financial cooperation between the two countries, Bank Indonesia (BI) said.

The swap arrangement allows for the two central banks to exchange local currencies of up to 10.7 trillion won ($9.24 billion) or 115 trillion rupiah ($8.61 billion), BI said.

The facility is effective for three years and can be extended, BI said.

"The arrangement will also ensure the settlement of trade in local currency between the two countries even in times of financial stress to support regional financial stability," BI said.

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(Reporting by Gayatri Suroyo; Editing by Richard Borsuk)