Korea-Turkey $2 Billion Currency Swap Agreement Signed
BOK: "Expanding Bilateral Trade and Strengthening Financial Cooperation... For Economic Development"
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[Asia Economy Reporter Jang Sehee] The Bank of Korea announced on the 12th that it has signed a currency swap agreement with a Turkish bank. The contract amount is 2.3 trillion won, and the contract period is three years.
A currency swap is an agreement in which, during emergencies such as a foreign exchange crisis, each country deposits its own currency at a pre-agreed exchange rate and borrows the other country's currency.
The Bank of Korea stated, "This currency swap was concluded with the purpose of promoting economic development in both countries through expanding trade and strengthening financial cooperation."
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Additionally, it said, "In the future, we plan to create conditions that allow trade payments to be settled in domestic currencies by utilizing the currency swap."
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