Fed Extends Currency Swap Agreements with South Korea and 8 Other Countries (Summary)

Two Extensions After Agreement Signed Last March

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. central bank, the Federal Reserve (Fed), announced on the 16th (local time) that it will extend the currency swap agreements signed with nine countries, including Korea, to overcome the economic crisis caused by the COVID-19 pandemic until September 30, 2021.

The countries subject to the extension announced by the Fed are Korea, Australia, Singapore, Denmark, Norway, New Zealand, Brazil, Mexico, and five others, totaling nine countries.

The Fed has currency swap agreements of $60 billion each with Korea, Australia, Brazil, Mexico, and Singapore, and $30 billion each with Sweden, Denmark, Norway, and New Zealand.

The Fed signed international currency swap agreements in March and extended them again in July.

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