KUALA LUMPUR: Bank Negara Malaysia (BNM) and the Bank of Korea have agreed to renew the bilateral swap arrangement (BSA).
In a joint statement today, the central banks said the size of this swap arrangement, which allows both parties to exchange their local currencies to promote bilateral trade for economic development, is maintained at RM15 billion/five trillion won, which follows the BSA signed in 2020.
“The BSA is aimed at further promoting bilateral trade between the two countries and strengthening the financial cooperation between Malaysia and South Korea,” the statement said.
The swap arrangement is for three years and can be extended mutually between the two central banks.
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