Malaysia, RoK renews currency swap deal

May 13, 2024 | 17:21

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The Central Bank of Malaysia (BNM) announced that it has signed an agreement with its counterpart from the Republic of Korea (RoK) to extend a bilateral swap arrangement by another three years.

A clerk checks USD banknotes at the headquarters of Hana Bank in Seoul. (Photo: Yonhap)

Kuala Lumpur – The Central Bank of Malaysia (BNM) announced that it has signed an agreement with its counterpart from the Republic of Korea (RoK) to extend a bilateral swap arrangement by another three years.

The size of this arrangement is maintained at 15 billion RM (3.65 billion USD), the BNM said in a statement. It noted that the swap arrangement can be extended by mutual agreement between the two central banks.

The swap agreement, which allows both parties to exchange their local currencies to boost their use in trade and investment, is aimed at further promoting bilateral trade and strengthening the financial cooperation between the two countries.

Apart from RoK, Malaysia has swap agreements with its biggest trading partners and major neighbours including China, Japan, Indonesia and Thailand.

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By VNA

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