Size of the Contract Is Approximately KRW6.1tn
The Bank of Korea announced on April 13 that it extended its currency swap agreement with the central bank of the United Arab Emirates by five years. The size of the contract is approximately 6.1 trillion won.
The first currency swap deal between the two banks was signed in 2013 with maturity of three years, and it has been extended four times since then. The Bank of Korea said that the period of the latest deal has been extended to five years so that the agreement can be maintained more stably.
At present, South Korea is in currency swap agreements with the United Arab Emirates, Canada, Switzerland, China, Australia, Malaysia, Indonesia and Turkey. That with the United States expired at the end of last year and that with Japan expired in 2015.