South Korea and Malaysia extended their currency swap agreement for a period of three years Monday, Seoul’s finance ministry said.

Under the renewed deal, the central banks of the two nations were allowed to exchange up to 5 trillion won (US$3.65 billion), or 15 billion Malaysian ringgits, the same size as under their previous agreement signed in February 2020, according to the finance ministry.

The renewed deal came into force the same day and will be effective through May 12, 2027. It could be extended further upon their agreement.

“The extension of the currency swap agreement will help promote bilateral trade and strengthen financial cooperation,” the ministry said in a release.

Source: Yonhap News Agency