ASEAN cur­rency swap deal re­newed to pro­vide $2b sup­port

Iran Daily - - Global Economy -

The As­so­ci­a­tion of South­east Asian Na­tions (ASEAN) agreed to re­new a cur­rency swap deal for two more years from Novem­ber 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.

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.

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