Bank of Korea Extends Currency Swap Agreement with Swiss National Bank for 5 Years
Same as Before: 10 Billion Swiss Francs
Amount in Korean Won Adjusted from 11.2 Trillion to 18.5 Trillion
The Bank of Korea has extended its currency swap agreement with the Swiss National Bank for another five years.
On March 9, the Bank of Korea announced that it had renewed its Swiss franc–won currency swap agreement with the Swiss National Bank in Basel, Switzerland. Since the agreement was first signed in 2018, it was once extended in 2021, and has now been renewed again.
The contract amount remains unchanged at 10 billion Swiss francs. In terms of Korean won, reflecting recent exchange rate changes, the amount has been adjusted from 11.2 trillion won to 18.5 trillion won. The contract period is five years, from March 1 of this year to March 1, 2023.
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A Bank of Korea official stated, "This swap renewal aims to strengthen financial cooperation between the two countries and to enhance the functioning of the financial markets." The official added, "Renewing the currency swap with Switzerland, a key issuer of reserve currency, will bolster Korea's foreign exchange safety net, which can be utilized in times of financial crisis."
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