S.Korea, Australia renew currency swap deal for 5 years

Central banks of South Korea and Australia agreed to renew their bilateral currency swap deal for five more years, the Bank of Korea (BOK) said Monday.

The BOK and the Reserve Bank of Australia extended their existing currency swap agreement, in which the South Korean currency is swapped for the Australian dollar, for five more years through Feb. 5, 2028.

The size of the agreement was unchanged at 12 billion Australian dollars, or 9.6 trillion won (about 8.1 billion U.S. dollars).

The central banks initially signed the swap deal in 2014 and extended it in 2017 and 2020. The BOK said the two countries shared a view that the currency swap agreement contributed to increased trade and financial market stability.