KUALA LUMPUR (Oct 13): Bank Negara Malaysia renewed its commitment to the Asean Swap Arrangement (ASA), which aims to provide financial support to member countries.

In a statement, Bank Negara said governor Tan Sri Muhammad Ibrahim had today signed the ASA memorandum of understanding at the sidelines of the IMF Annual Meetings at Washington, D.C. in the US.

"Asean central banks and monetary authorities have agreed to renew the memorandum of understanding on the Asean Swap Arrangement (ASA) for another two years from Nov 17, 2017, providing a total of US$2 billion (about RM8.44 billion) in financial support.

"The ASA was established in 1977 and signifies a long-standing tradition in Asean financial cooperation. ASA is part of the regional initiatives to promote financial stability through the provision of short-term liquidity support for member countries which are experiencing temporary balance of payment difficulties," Bank Negara said.