PETALING JAYA: South Korea and Malaysia extended their currency swap agreement for three years, said Seoul’s finance ministry, as reported by Yonhap News Agency.
The ministry said under the renewed deal, the central banks of the two nations were allowed to exchange up to 5 trillion won (US$ 3.65 billion), or RM15 billion, the same size as under their previous agreement signed in February 2020.
Today, Bank Negara Malaysia (BNM) and the Bank of Korea (BOK) have renewed their agreement to extend the bilateral South Korean won (KRW)/ringgit swap arrangement.
The renewed deal came into force the same day and will be effective through May 12, 2027.
It could be extended further upon their agreement.
“The extension of the currency swap agreement will help promote bilateral trade and strengthen financial cooperation,” the ministry said in a release.