TOKYO, Jan 25 (AFP) - Japan and Thailand have agreed to launch a new currency swap agreement allowing them to extend loans of up to three billion dollars to each other in an emergency, it was announced Tuesday.
In a joint statement, the two governments said the pact is an "equal partnership" and differs from their previous arrangement.
This expired last July and focused on Japan's unilateral supply of up to three billion dollars to Thailand.
The new arrangement "symbolizes the significant economic and financial development and the deepening regional financial cooperation in East Asia," the statement said.
The central banks of Japan and Thailand will sign the agreement soon, a Japanese finance ministry official said.
The accord will bring to 15 the number of bilateral currency swap accords under the "Chiang Mai Initiative," which has helped fight speculative attacks on currencies after the Asian financial crisis of 1997 and 1998.
In a joint statement, the two governments said the pact is an "equal partnership" and differs from their previous arrangement.
This expired last July and focused on Japan's unilateral supply of up to three billion dollars to Thailand.
The new arrangement "symbolizes the significant economic and financial development and the deepening regional financial cooperation in East Asia," the statement said.
The central banks of Japan and Thailand will sign the agreement soon, a Japanese finance ministry official said.
The accord will bring to 15 the number of bilateral currency swap accords under the "Chiang Mai Initiative," which has helped fight speculative attacks on currencies after the Asian financial crisis of 1997 and 1998.