Malaysia, S. Korea renew currency swap arrangement
26 Jan 2017 / 05:37 H.
PETALING JAYA: Bank Negara Malaysia and the Bank of Korea yesterday entered into an agreement to renew the bilateral 5 trillion won and RM15 billion swap arrangement.
The swap arrangement is for a period of three years and can be extended by mutual agreement between the two central banks. This arrangement is intended to promote greater use of local currencies in settlement of trade and will strengthen the financial cooperation between the two countries.
The initial arrangement was established on Oct 20, 2013.