December 16, 2021
1 min read

S.Korea-US currency swap deal expires on Dec 31

The BOK said that the expiration of the currency swap deal will not have much impact on Seoul’s foreign currency market given the improved liquidity and other financial conditions…reports Asian Lite News

South Korea’s $60 billion currency swap contract with the US will expire as scheduled on December 31 as financial and economic situations at home and abroad remain stable, Seoul’s central bank said on Thursday.

The Bank of Korea (BOK) and the US Federal Reserve signed the currency swap contract in March 2020 to ease financial anxiety caused by the coronavirus pandemic and had since extended the deal three times, reports Yonhap News Agency.

“The temporary currency swap will expire as scheduled,” the BOK said in a statement.

“Since the currency swap deal was signed, domestic and global financial and economic situations have come out of a crisis and remain stable.”

The BOK said that the expiration of the currency swap deal will not have much impact on Seoul’s foreign currency market given the improved liquidity and other financial conditions, such as a sufficient amount of foreign reserves.

The central bank had earlier said that its foreign reserves came to $463.91 billion as of end-November.

The currency swap deal marked the second of its kind signed with the US after a won-dollar swap line signed in October 2008 at the height of the global financial crisis.

Except the deal with the US, South Korea has bilateral currency swap arrangements with eight countries, including Australia, Canada and China.

ALSO READ: USTR stresses will for ‘mutually beneficial’ ties with S Korea

ALSO READ: Seoul seeks US support to declare formal end to Korean War

Previous Story

Adam McKay: Few drafts of ‘Don’t Look Up’ weren’t comedic

Next Story

Aneri Vajani excited of her new role as ‘Anupamaa’

Latest from -Top News

India celebrates its diaspora 

Praising the Indian diaspora for its contribution in India’s growth, the PM said that it is due to their hard work that the country has become number one in the world in

Modi rallies diaspora for India’s 2047 vision 

Highlighting the diaspora’s achievements, PM Modi praised their contributions, noting that India is now the world’s top recipient of remittances, largely thanks to their hard work….reports Asian Lite News Prime Minister Narendra

More troubles await China in 2025 

As the new year unfolds, it is clear that both China and its global counterparts are in for a turbulent period. One key aspect to monitor closely will be the evolving dynamics

Japan, Sri Lanka strengthen bilateral cooperation 

The discussions focused on key topics such as debt restructuring, the ongoing expansion project at Bandaranaike International Airport (BIA)…reports Asian Lite News Sri Lankan Prime Minister Dr. Harini Amarasuriya met with Mr.

Sri Lankan President due in China on Jan 14 

This visit follows Dissanayake’s first foreign trip to India in December, after assuming office on September 21….reports Asian Lite News Sri Lankan President Anura Kumara Dissanayake will begin a three-day visit to
Go toTop

Don't Miss

India-US collaborate on cancer research

The US Embassy in New Delhi facilitated the Moonshot Dialogue

US steps up support to Afghanistan

As part of its strategy to distribute COVID-19 vaccines around