Korea signs currency swap deal with Malaysia worth $4.7 billion
Korea has signed a currency swap agreement with Malaysia -- taking the number of such deals with emerging markets this month alone to three.
Bank of Korea Governor Kim Choong-soo and his Malaysian counterpart signed on the dotted line Sunday, for a currency swap contract worth 4.7 billion U.S. dollars for three years.
The two countries will use their currencies in trade, in the hope of reducing their dependency on the greenback.
Korea also hopes to globalize the Korean won and secure imports of natural gas from Malaysia.
The latest agreement comes as Seoul pushes to expand use of the won with major trading partners among emerging economies.
Earlier this month, Seoul announced similar deals with Indonesia and the United Arab Emirates, together totaling 15.4 billion dollars.
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