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Korea, U.S. Extend Currency Swap Agreement

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December 18, 2020 08:26

Korea’s currency swap agreement with the U.S. has been extended for another six months to September 2021.

The move follows an earlier agreement, made in July, between the U.S. Federal Reserve and the Bank of Korea and eight other central banks to extend their currency swap deals until the end of March 2021.

The BOK agreed to renew its US$60-billion deal with the Fed to Sept. 30, 2021. It said both sides agreed the move was needed as a preemptive measure to counter the economic uncertainty caused by the pandemic.

Since the deal was signed in March, the BOK has supplied almost $20 billion to local banks.

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U.S. Extends Currency-Swap Agreement with Korea

Korea, U.S. Agree $60 Billion Currency-Swap Deal

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