KUALA LUMPUR: Asean Central Banks and Monetary Authorities have agreed to renew the memorandum of understanding (MoU) on the Asean Swap Arrangement (ASA) for another two years from November 17, 2017, providing a total of US$2.0 billion in financial support.

In a statement today, Bank Negara Malaysia (BNM) said governor Muhammad Ibrahim signed the MoU today on behalf of the central bank at the sidelines of the IMF Annual Meetings in Washington.

The ASA was established in 1977 and signifies a long-standing tradition in Asean financial co-operation.

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.

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