Seoul, Jakarta renew US$9 bln currency swap deal
SEOUL, March 5 (Yonhap) -- South Korea and Indonesia on Thursday renewed their local currency swap arrangement, worth over US$9 billion, designed to help promote trade between the countries and enhance their financial stability, the Bank of Korea (BOK) said.
Under the three-year arrangement, the countries may exchange up to 10.7 trillion won ($9.02 billion), or 115 trillion Indonesian rupiah, according to the BOK.
"Similar to the previous agreement, the purpose of the bilateral local currency swap arrangement is to promote bilateral trade and financial cooperation for the economic development of the two countries," it said in a statement.
"In particular, the arrangement will ensure the settlement of trade in local currency between the two countries even in times of financial stress and thus support regional financial stability," it added.
bdk@yna.co.kr
(END)
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(URGENT) Russian, Chinese warplanes enter S. Korea's air defense zone without notice: JCS
-
Multiple Russian, Chinese warplanes enter KADIZ without notice: JCS
-
Premier League Golden Boot winner Son Heung-min receives hero's welcome home
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(5th LD) Yoon, Biden agree to expand joint military exercises to cope with N.K. threats
-
(LEAD) Multiple Russian, Chinese warplanes enter KADIZ without notice: JCS
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(LEAD) Biden set to arrive in S. Korea for first summit with Yoon
-
Premier League Golden Boot winner Son Heung-min receives hero's welcome home
-
Multiple Russian, Chinese warplanes enter KADIZ without notice: JCS
-
(5th LD)N. Korea fires 3 ballistic missiles, including 1 suspected ICBM: S. Korean military
-
(2nd LD) N. Korea tests nuclear detonation device: presidential office
-
(4th LD)N. Korea fires 3 ballistic missiles, including 1 suspected ICBM: S. Korean military