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South Korea, Malaysia sign $4.7bln currency swap deal

Posted on 21 October 2013

South Korea and Malaysia on Sunday signed a currency swap agreement worth $4.7 billion, Seoul’s central bank said, in a move to encourage bilateral trade and help curb currency swings.
The latest agreement allows the two Asian nations to purchase and repurchase each other’s currency of up to 5 trillion won ($4.7 billion), or 15 billion ringgit, the central Bank of Korea said in a statement. The deal—valid for three years and renewable upon agreement—will allow greater flexibility for businesses to use local currencies for trades that have been commonly settled in US dollars, the two countries’ central banks said in a joint statement………………………………………..Full Article: Source


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