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Japan proposes currency swap deal to ASEAN

Japan on May 5 proposed a new type bilateral currency swap agreement, worth 40 billion USD, to the ASEAN to tackle short-time liquidity difficulties during crisis time, Kyodo News Agency reported.
Japan proposes currency swap deal to ASEAN ảnh 1Vice President for the East Asia and Pacific Victoria Kwakwa (far left) and finance representatives of Japan, Cambodia, Laos and Myanmar at the meeting (Photo: EPA/VNA)
  

Hanoi (VNA) – Japan on May5 proposed a new type bilateral currency swap agreement, worth 40 billion USD, tothe Association of South East Asian Nations (ASEAN) to tackle short-timeliquidity difficulties during crisis time, Japanese Kyodo News Agency reported.

The proposal was offered at a meetingbetween the finance ministers and central banks governors of Japan and ASEAN onthe sidelines of the annual meeting of the Asian Development Bank (ADB) inYokohama, Japan.

According to a joint statementreleased after the meeting, countries in the regional bloc are able to withdrawyen funds under existing bilateralcurrency swap agreements.

The statement also said facilitating the fund of yen in the ASEANcountries will contribute to further regional financial stability.

Both sides also agreed on boosting financial and economic cooperation.

Within the meeting, Japan signed a bilateral currency swap deal withThailand and reached a basic agreement to sign a similar pact with Malaysia.

Japan has also had bilateral currency swap pacts with some ASEANcountries to provide US dollars in exchange for their currencies. US dollarsand Japanese yen are considered to be able to meet high demand during changesof markets.-VNA

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#currency swap agreement #ASEAN #Asian Development Bank #annual meeting #financial stability Japan ASEAN
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