South Korea and Australia renew currency swap deal for five years

The central banks of South Korea and Australia have agreed to renew their bilateral currency swap deal for five more years.

The Bank of Korea (BOK) and the Reserve Bank of Australia extended their existing currency swap agreement, in which the South Korean currency is swapped for the Australian dollar, for five more years through February 5, 2028, Xinhua news agency reported citing an official statement released on Monday as saying.

The size of the agreement was unchanged at A$12 billion, or 9.6 trillion won.

The central banks initially signed the swap deal in 2014 and extended it in 2017 and 2020.

The BOK said the two countries shared a view that the currency swap agreement contributed to increased trade and financial market stability.

--IANS

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