Bank Negara Malaysia (BNM) said that the effective period of the agreement was three years and it could be extended by mutual agreement of the central banks.

At the signing ceremony

According to a joint statement issued by the two sides, the agreement will enable both central banks to access foreign currency liquidity from each other if needed, and contribute to efforts to support the wider usage of local currencies to facilitate economic cooperation between the two countries.

The two banks also signed a Memorandum of Understanding (MoU) to promote closer cooperation on innovation in payments and digital financial services, as well as supervising anti-money laundering and counter financing for terrorism.

Source: VNA