PETALING JAYA: Bank Negara Malaysia (BNM) and the Bank of Korea have entered into an agreement to renew the bilateral KRW/RM swap arrangement.
In a joint statement issued, the central banks said the size of the arrangement is maintained at KRW5 trillion/ RM15 billion, the same amount under the previous arrangement established in January 25, 2017.
The swap arrangement is for a period of three years and can be extended by mutual agreement between the two parties.
This arrangement is designed to promote bilateral trade for economic development of the two countries. This will further strengthen the financial cooperation between the countries.