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Malaysia, RoK sign currency swap deal

Central banks of Malaysia and the Republic of Korea (RoK) on October 20 signed a bilateral currency swap agreement in a bid to promote the use of local currencies for bilateral trade and strengthen financial cooperation between the two countries.
Central banks of Malaysia and the Republic of Korea (RoK) on October 20signed a bilateral currency swap agreement in a bid to promote the useof local currencies for bilateral trade and strengthen financialcooperation between the two countries.

Thearrangement allows for the exchange of local currencies between the twocentral banks of up to 5 trillion hwan or 15 billion ringgit (4.75billion USD), according to news agencies.

Theeffective period of the arrangement is three years, and can be extendedby mutual agreement, allowing firms from both countries to have greaterflexibility to use local currency for settlement of their bilateraltrade and investment activities.

Earlier this month,the RoK also signed such agreements valued at 10 billion USD and 5.4billion USD with Indonesia and the United Arab Emirates,respectively.-VNA
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