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February 6, 2009

Indonesia seeks eyes swap deal with Japan
Indonesia's central bank is seeking to raise its bilateral currency swap arrangement with Japan from $6 billion currently and expected the deal to be agreed next week, the senior deputy governor said on Thursday, part of efforts to bolster confidence in the rupiah.

The rupiah lost as much as 1.9 percent to 11,950 per dollar earlier on Thursday, and is down around 7 percent so far this year, the second worst performer in Asia after the South Korean won, which has fallen 9 percent.

"We are seeking to increase it. A decision is likely to be made next week," Reuters quoted senior deputy governor Miranda Goeltom as telling reporters. She declined to elaborate.

Indonesia also has bilateral currency swap agreements with South Korea and China.

Thirteen east Asian countries including Indonesia, China, Japan and South Korea have agreed to boost the size of a proposed emergency fund to $120 billion from the originally planned $80 billion, a newspaper in Seoul reported late last month.

The funds, through currency swap arrangements, may be tapped in cases of financial emergency.

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