Seoul, Dec 17 (IANS): The Bank of Korea (BOK) on Thursday announced that South Korea and the US
have agreed to renew their currency swap deal for six more months to deal with uncertainty from the coronavirus resurgence.
The BOK and the US Federal Reserve Board agreed to extend the bilateral currency swap deal worth $60 billion, in which the South Korean won is swapped for the American dollar, for six more months to September 30, 2021, reports Xinhua news agency.
The two central banks initially signed the swap deal in March this year to help stabilise the financial market amid the rising volatility caused by the raging pandemic.
The BOK said in a statement that the extension was aimed to pre-emptively tackle uncertainties from the resurgence though risk preference was roughly recovered in the global financial market.