Japan, Malaysia sign bilateral currency swap arrangement

A man runs past the Bank of Japan building in Tokyo, Japan, July 29, 2016. — Reuters pic
A man runs past the Bank of Japan building in Tokyo, Japan, July 29, 2016. — Reuters pic

KUALA LUMPUR, Sept 18 — The Bank of Japan, acting as agent of the Minister of Finance of Japan, and Bank Negara Malaysia (BNM) have signed the second Bilateral Swap Arrangement (BSA) that provides up to US$3 billion (RM12.38 billion) for both countries.

This BSA enables both authorities to swap their local currencies (i.e. Japanese yen and Malaysian ringgit, respectively) for US dollar, BNM said in a statement today.

“The arrangement will provide up to US$3 billion for both countries,” it said.

The BSA reflects the continued bilateral financial cooperation between Japan and Malaysia that will contribute to the stability of financial markets.

It will further strengthen the growing economic and trade ties between the two countries. — Bernama

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