October 13, 2017 2:08 pm JST

ASEAN renews currency swap deal to provide $2bn support: Malaysia central bank

KUALA LUMPUR (Reuters) -- The Association of Southeast Asian Nations (ASEAN) has agreed to renew a currency swap deal for two more years from Nov. 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.

Te 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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