Bidding Limit Not Reached
The Bank of Korea supplied the U.S.-South Korea currency swap fund for the third time and the bidding limit was not reached for the third time.
The central bank conducted the third competitive bid for foreign currency loans using the swap contract on April 14. Participants came up with US$2,025 million whereas the supply limit was US$4 billion.
The Bank of Korea conducted the tender from 10:00 a.m. to 10:30 a.m. on its electronic bidding system. The participants were commercial banks, Korea Development Bank, Industrial Bank of Korea and the Export-Import Bank of Korea. The scheduled amounts were US$500 million and US$3.5 billion for six-day and 83-day loans, respectively. However, the supplied amounts are US$10 million and US$2,015 million, respectively.
The successful bid was US$8.72 billion at the first tender and US$4,415 million at the second tender. A total of US$15.16 billion has been supplied to the market through the three tenders.