S. Korea, UAE renew US$5.4 billion currency swap deal
In other news,... South Korea and the United Arab Emirates have agreed to renew their currency swap deal... for another three years.
The deal was struck during a meeting between their central bank governors in Washington... on Friday, local time.
The agreement, which took effect immediately,... will enable exchanges of up to 5-point-4 billion U.S. dollars.
The Bank of Korea said the latest deal reaffirms the two sides' commitment... in promoting bilateral trade and financial cooperation.
A currency swap is a tool that allows each side to borrow money from one another at a pre-determined rate in case of financial turmoil.
The deal was struck during a meeting between their central bank governors in Washington... on Friday, local time.
The agreement, which took effect immediately,... will enable exchanges of up to 5-point-4 billion U.S. dollars.
The Bank of Korea said the latest deal reaffirms the two sides' commitment... in promoting bilateral trade and financial cooperation.
A currency swap is a tool that allows each side to borrow money from one another at a pre-determined rate in case of financial turmoil.
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