PETALING JAYA: The Bank of Korea and Bank Negara have renewed an agreement for a bilateral won-ringgit swap arrangement for another three years. Bank Negara said in a statement that the size of the arrangement would be maintained at 5 trillion won/RM15bil, the same amount under the initial arrangement established on Oct 20, 2013. The central bank said the arrangement could be extended by mutual agreement. “This arrangement is intended to promote greater use of local currencies in settlement of trade. Malaysia also has a currency swap agreement with China as well as bilateral currency settlement agreements with Indonesia and Thailand.

Source: The Star January 25, 2017 23:16 UTC