By Jason NG
KUALA LUMPUR (Oct 13) -- Bank Negara Malaysia said Friday Southeast Asian central banks and monetary authorities agreed to renew the ASEAN Swap Arrangement pact for another two years, providing $2.0 billion in financial support.
The swap arrangement, established in 1977, is part of a regional initiative to promote financial stability through the provision of short-term liquidity support for member countries which are experiencing temporary balance of payment difficulties.
Governor Muhammad Ibrahim signed the pact on behalf of Bank Negara Malaysia at the sidelines of the IMF-World Bank Annual Meeting in Washington, according to a statement from the central bank.
- By Jason NG; Jason.Ng@NikkeiNewsRise.com; +60320267363
- Edited by Abhijit Basu
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