BOK Signs 6 Trillion Won Currency Swap Extension Agreement with UAE Central Bank

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] The Bank of Korea announced on the 13th that it has decided to extend the Dirham-Won currency swap agreement with the Central Bank of the United Arab Emirates (UAE) for five years to promote mutual trade and strengthen financial cooperation.

The two countries first signed the currency swap agreement in 2013 and renewed it in 2019.

The swap size is 20 billion Dirhams (6.1 trillion won), and the contract period is five years from today until April 12, 2027. It can be extended upon mutual agreement at maturity.

The Bank of Korea stated, "Both countries shared the recognition that the currency swap has contributed to strengthening mutual cooperation," and added, "To maintain the currency swap stably, the contract period was extended from the previous three years to five years."

This content was produced with the assistance of AI translation services.