Japan, Malaysia seal $3 billion currency swap deal

19-Sep-2020 Intellasia | BangkokPost | 6:02 AM Print This Post

Japan and Malaysia sealed on Friday a mutual currency swap arrangement to allow each side to provide the other up to $3 billion to prevent a financial crisis, the Japanese finance ministry said.

“The (agreement) reflects the continued bilateral financial cooperation between Japan and Malaysia that will contribute to the stability of financial markets,” the countries said in a joint statement.

“It will further strengthen the growing economic and trade ties between the two countries,” it added.

The arrangement, which enables both authorities to swap their local currencies for US dollars, is aimed at safeguarding each other in times of currency turmoil, such as speculative attacks.

https://www.bangkokpost.com/business/1987835/japan-malaysia-seal-3 billion-currency-swap-deal

 


Category: Japan

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