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Monday, 06 February 2023 17:25
South Korea, Australia Central Banks Renew Currency Swap Agreement
Written by Nur Yasmin
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South Korea's central bank said it renewed on Monday a currency swap agreement with its Australian counterpart, valued at 9.6 trillion won or A$12 billion, for five years until early 2028.
The agreement, first signed in 2014, allows either party to exchange funds in own currency for the other currency under pre-set terms.
The Bank of Korea and the Reserve Bank of Australia have since renewed the agreement several times. (Reuters)
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