ASEAN currency swap deal extended

Central bankers from the Association of Southeast Asian Nations signed an agreement on Thursday 24 February to extend until 2006 a currency swap deal intended to help ASEAN members experiencing international liquidity problems.

"It will be a two-year extension," said Amando Tetangco, deputy governor of the Philippines' central bank, referring to the deal that expired last year. "The total amount of the swap facility is US$1 billion (euro750 million)."

Central bankers from the Philippines,

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