Malaysia's Central Bank, Bank Of Korea Renew KRW/RM Swap Arrangement

KUALA LUMPUR, Jan 25 (Bernama) -- The Bank of Korea and Bank Negara Malaysia (BNM or Malaysia's Central Bank) have entered into an agreement to renew the bilateral KRW/RM swap arrangement. BNM said the arrangement size was maintained at US$4.29 billion (five trillion won), the same amount under the initial arrangement established on Oct 20, 2013. "This arrangement is intended to promote greater use of local currencies in settlement of trade. "It will further strengthen financial cooperation between both countries," the central bank said in a statement on Wednesday. It added the swap arrangement was for a period of three years and could be extended by mutual agreement. --BERNAMA