© Reuters. Bank of Korea and Central Bank of Australia currency swap extension for 5 years … USD 8.1 billion
Bank of Korea. source = shutterstock
On the 6th, the Bank of Korea announced that it had agreed to extend the Australian dollar-earned currency exchange contract with the Reserve Bank of Australia by five years. The Bank of Korea and the Reserve Bank of Australia, which signed the initial contract in 2014, have extended the contract for 2017 and 2020.
The size of the exchange is 12 billion Australian dollars, he won 9.6 trillion (about 8.1 billion dollars). The period of the contract is from this day (6th) to February 5, 2028, and when it expires, it can be extended by mutual agreement. The aim of the agreement is to facilitate trade between the two countries and improve financial stability.
The Bank of Korea said, “Both countries shared the perception that currency exchange contributed to promoting trade and stabilizing the financial market.”
