Asean renews currency swap deal to provide US$2b support, says Bank Negara
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KUALA LUMPUR, Oct 13 — The Association of South-east Asian Nations (Asean) has agreed to renew a currency swap deal for two more years from November 17, providing a total of US$2 billion (RM8.4 billion) in financial support, the Malaysian central bank said today.
The agreement was reached between regional central banks and monetary authorities, Bank Negara Malaysia (BNM) said in a statement.
The 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. — Reuters