S. Korea, Malaysia renew currency swap deal for 3 years

The central banks of South Korea and Malaysia have agreed to renew their bilateral currency swap agreement for another three years, the Bank of Korea (BOK) said on Monday.

Seoul, (ABC Express News Latest. May 13, 2024) The central banks of South Korea and Malaysia have agreed to renew their bilateral currency swap agreement for another three years, the Bank of Korea (BOK) said on Monday. said to

The BOK and Bank Negara Malaysia announced the renewal of bilateral exchange arrangements that allow the exchange of up to 5 trillion won (3.7 billion euros) of local currencies between the central banks.

S. dollars) or 15 billion ringgit (3.2 billion US dollars).

The renewed agreement will remain effective until May 12, 2027 and may be extended by mutual agreement between the central banks. The exchange agreement was initially signed in February 2020.

According to a joint statement, the exchange arrangements are aimed at further promoting trade between the two countries and strengthening bilateral financial cooperation.