South Korea-UAE Foreign money Swap Settlement Prolonged by 5 Years

Former Financial institution of Korea Governor Kim Choong-soo (proper) and former UAE Central Financial institution Governor Sultan bin Nasser Al Suwaidi shake fingers after signing the primary foreign money swap settlement between the 2 nations in October 2013.

The Financial institution of Korea introduced on April 13 that it prolonged its foreign money swap settlement with the central financial institution of the United Arab Emirates by 5 years. The scale of the contract is roughly 6.1 trillion received.

The primary foreign money swap deal between the 2 banks was signed in 2013 with maturity of three years, and it has been prolonged 4 instances since then. The Financial institution of Korea stated that the interval of the newest deal has been prolonged to 5 years in order that the settlement might be maintained extra stably.

At current, South Korea is in foreign money swap agreements with the United Arab Emirates, Canada, Switzerland, China, Australia, Malaysia, Indonesia and Turkey. That with america expired on the finish of final yr and that with Japan expired in 2015.

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