S.Korea signs $4.7 billion currency swap deal with Malaysia

Reuters

SEOUL, Oct 20 (Reuters) - South Korea's central bank said onSunday it had signed a bilateral currency swap deal withMalaysia valid for three years and worth up to $4.7 billion toboost trade and financial cooperation between the two countries.

The arrangement lets either country swap 5.0 trillion Koreanwon for 15 billion Malaysian ringgit, or viceversa. The Bank of Korea (BOK) said in a statement the agreementexpires in three years, but can be extended if needed.

Sunday's currency swap was the third swap-pact signed thismonth after a $5.4 billion won-dirham agreement with the UnitedArab Emirates and a won-rupiah pact with the Indonesian centralbank last week valued at up to $10 billion.

The agreement with Malaysia was reached during Bank of KoreaGovernor Kim Choong-soo's visit to Kuala Lumpur to mark the 30thanniversary of the meeting of Southeast Asian central banks. (Reporting by Christine Kim; Editing by Ron Popeski)

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