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Byline: The Nation.
Swap facility to be raised to $120 bn in bid to deepen cooperation
East Asian finance ministers will finalise the upgrading of the region's bilateral currency-swap arrangement into a US$120 billion (Bt4.34 trillion) multilateral facility at their next meeting in May.
"In order to ensure regional market stability and to foster confidence in the markets, we stress the importance of operationalising the multilateralisation of the Chiang Mai Initiative," Finance Minister Korn Chatikavanij said at the close of a special Asean plus Three Finance Ministers' Meeting here.
The move is aimed at deepening cooperation among the 10 …