KUALA LUMPUR (Jan 25): Bank Negara Malaysia (BNM) has entered into an agreement with the Bank of Korea to renew the bilateral won–ringgit (KRW/RM) swap arrangement for a period of three years.
 
In a statement today, the central bank said the size of the arrangement is maintained at KRW5 trillion/RM15 billion, same as the initial agreement established on Oct 20, 2013.
 
It said the arrangement can be extended by mutual agreement between the two central banks.
 
“This arrangement is intended to promote greater use of local currencies in settlement of trade. This will further strengthen the financial cooperation between the two countries,” said BNM.