Japan, Thailand agree bilateral swap arrangement

The Bank of Japan, acting as the agent of the Minister of Finance of Japan, and the Bank of Thailand agreed to reach the second bilateral swap arrangement under the Chiang Mai Initiative of the ASEAN+3 Finance Ministers' Process, the Bank of Japan said on Tuesday 25 January.

This will enable both countries to swap their local currencies (i.e., either Thai baht or Japanese yen) against US dollars (up to 3 billion US dollars) between the two monetary authorities in need of short-term liquidity.

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