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BOK will supply dollars under currency swap deal with U.S. next week: official

Finance 10:06 March 25, 2020

SEOUL, March 25 (Yonhap) -- South Korea is seeking to begin supplying U.S. dollars under its bilateral currency swap arrangement with the United States next week, a Bank of Korea (BOK) official said Wednesday, a move that is widely expected to help ease dollar shortage caused by the new coronavirus pandemic.

Negotiations are currently under way to finalize the currency swap deal, the BOK official told reporters.

"There are many issues that need to be discussed, but (the talks) are moving forward without any major difficulty," the official said.

The BOK earlier said it has agreed to a US$60 billion currency swap arrangement with the U.S. Federal Reserve.

The official said the money will be supplied in several installments but that the BOK is working to make sure the first batch will be "considerably sizable."

bdk@yna.co.kr
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