South Korea, Switzerland extend W11tr currency swap agreement until 2026

South Korea, Switzerland extend W11tr currency swap agreement until 2026

Bank of Korea (Yonhap)

The Bank of Korea said on Monday it had agreed with the Swiss central bank to extend its bilateral currency swap agreements for five years, as part of a move to further strengthen financial cooperation.

The 11.2 trillion won ($ 10.1 billion) currency swap deal, which was due to end on Monday, will last until March 2026, according to the BOK.

“The extension of the currency exchange agreement aims to improve bilateral relations in the field of finance and strengthen the functioning of the financial markets of the two countries,” he said in a statement.

Since Switzerland is one of the six major currency regions, along with the United States, the Eurozone, the United Kingdom, Canada and Japan, the swap agreement will provide a safety net for the South …

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