File photo of a general view of the Bank Negara Malaysia in Kuala Lumpur, Malaysia, March 8, 2016. REUTERS/Olivia Harris/File Photo
October 13, 2017
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.
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)