Asean Central Banks and Monetary Authorities renew ASA

KUALA LUMPUR: Asean Central Banks and Monetary Authorities have agreed to renew the memorandum of understanding (MoU) on the ASEAN Swap Arrangement (ASA) for another two years from Nov 17, 2017, providing a total of US$2.0 billion in financial support.

Governor Tan Sri Muhammad Ibrahim signed the MoU on behalf of Bank Negara Malaysia on the sidelines of the IMF Annual Meetings in Washington, the central bank said in a statement yesterday.

The ASA was established in 1977 and signifies a longstanding tradition in ASEAN financial co-operation.

ASA is part of the regional initiatives to promote financial stability through the provision of shortterm liquidity support for member countries which are experiencing temporary balance of payment difficulties. — Bernama