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South Korea, Malaysia agree to extend currency swap agreement

Wednesday, January 25, 2017 - 15:21

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South Korea's central bank said on Wednesday it agreed with its Malaysian counterpart to extend an existing currency swap agreement between the two countries.

[SEOUL] South Korea's central bank said on Wednesday it agreed with its Malaysian counterpart to extend an existing currency swap agreement between the two countries.

The new arrangement, unchanged from the previous pact that lets either country swap 5 trillion won (S$6.094 billion) for 15 billion ringgit (S$4.801 billion), will be valid from Wednesday to Jan 24, 2020, the Bank of Korea said in a statement.

South Korea and Malaysia signed their first swap agreement in 2013, which was valid for three years. It was set to expire last October, but officials from both countries agreed to extend the swap last year in working-level talks, a Bank of Korea official told Reuters.

The BOK statement said this renewal of the agreement would help boost bilateral trade and financial cooperation.

REUTERS

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