Bank Negara Malaysia (BNM) and the Bank of Korea today (May 13) entered into an agreement to renew the bilateral swap arrangement.
A statement issued by both banks said the swap arrangement allows both parties to exchange their local currencies to promote bilateral trade for economic development of the two countries.
The size of this arrangement is maintained at MYR15 billion/KRW5 trillion, which follows the BSA signed in 2020. The swap arrangement is for a period of three years and can be extended by mutual agreement between the two central banks.
The BSA is aimed at further promoting bilateral trade between the two countries and strengthening the financial cooperation between Malaysia and Korea.
