Korea, Australia renew expanded currency swap deal

• Published date: 21 February 2023
• Publication title: The Korea Times

Korea and Australia renewed their currency swap deal Monday, the finance ministry and central bank said, to ensure a steady exchange of goods and services between the two countries.

The renewed five-year deal, signed by the Bank of Korea (BOK) and the Reserve Bank of Australia, allows for the exchange of local currencies between the two countries of up to 12 billion Australian dollars or 9.6 trillion won ($8.1 billion).

The countries initially signed the swap deal in 2014 and had renewed it every three years.

"The two...