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ASEAN renews currency swap deal to provide $2 billion support: Malaysia central bank
October 13, 2017 / 4:43 AM / 2 months ago

ASEAN renews currency swap deal to provide $2 billion support: Malaysia central bank

KUALA LUMPUR (Reuters) - The Association of Southeast Asian Nations (ASEAN) has agreed to renew a currency swap deal for two more years from Nov. 17, providing a total of $2 billion in financial support, the Malaysian central bank said on Friday.

File photo of a general view of the Bank Negara Malaysia in Kuala Lumpur, Malaysia, March 8, 2016. REUTERS/Olivia Harris/File Photo

The agreement was reached between regional central banks and monetary authorities, Bank Negara Malaysia (BNM) said in a statement.

Te ASEAN Swap Arrangement (ASA) was established in 1977 as part of regional initiatives to promote financial stability through the provision of short-term liquidity support for member countries which suffered temporary balance of payment difficulties.

Reporting by Praveen Menon; Editing by Kim Coghill

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