Presidential Office: "Resumption of Korea-Japan Currency Swap, Meaningful Progress in Restoring Financial Cooperation"

Korea and Japan Restore Currency Swap After 8 Years
Expanding Foreign Currency Liquidity Safety Net with Free Advanced Countries to Korea

On the 29th, the Presidential Office evaluated the restoration of the currency swap between South Korea and Japan after 8 years at the Korea-Japan Finance Ministers' Meeting as "a meaningful progress showing that the rapidly recovered bilateral relations in security and industrial sectors since the Korea-Japan summit in March are also being restored in the field of financial cooperation."

Lee Do-woon, the spokesperson, said at a briefing held at the Yongsan Presidential Office on the same day, "We welcome the resumption of the Korea-Japan currency swap, which ended in February 2015, with a scale of 10 billion dollars."

Spokesperson Lee emphasized, "Furthermore, it also means that by establishing a firm solidarity framework in foreign exchange finance with countries sharing universal values such as the US and Japan, the foreign currency liquidity safety net with advanced free market countries is expanding to our foreign exchange financial market."

A currency swap is an agreement in which, in an emergency situation, a country deposits its own currency with the counterpart and can borrow the counterpart's currency or dollars at a pre-agreed exchange rate.

Earlier, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho held the '8th Korea-Japan Finance Ministers' Meeting' with Japanese Finance Minister Suzuki Shunichi in Tokyo, Japan, and decided to restore the Korea-Japan currency swap. The scale is 10 billion dollars based on the dollar, with a contract period of 3 years.

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