KUALA LUMPUR (Feb 3): Bank Negara Malaysia (BNM) and the Bank of Korea (BOK) had today entered into an agreement to renew the bilateral South Korean won (KRW)/ringgit swap arrangement amounting to RM15 billion between both nations.

In a joint statement today, BNM and BOK said the size of this arrangement is maintained at RM15 billion (KRW 5 trillion), being the same amount under the previous arrangement established on Jan 25, 2017.

Today, both central banks said: "The (renewed) swap arrangement is for a period of three years and can be extended by mutual agreement between the two central banks.

"This arrangement is designed to promote bilateral trade for economic development of the two countries. This will further strengthen the financial cooperation between the countries."