SEOUL, May 13 (Xinhua) -- The central banks of South Korea and Malaysia agreed to renew their bilateral currency swap deal for three more years, the Bank of Korea (BOK) said Monday.
The BOK and Bank Negara Malaysia announced the renewal of the bilateral swap arrangement which allows for the exchange of local currencies between the central banks of up to 5 trillion won (3.7 billion U.S. dollars) or 15 billion ringgit (3.2 billion U.S. dollars).
The renewed agreement will be effective until May 12, 2027, and can be extended by a mutual agreement between the central banks. The swap deal was initially signed in February 2020.
The swap arrangement is aimed at further promoting trade between the two nations and strengthening the bilateral financial cooperation, according to a joint statement. ■