S. Korea, US sign $60 bn currency swap deal, eases FX and stock markets in Korea
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According to the surprise joint statement from the central banks of the two countries late Thursday, the swap agreement would be doubled from the first $30 billion deal signed in October 2008 amid the Wall Street meltdown. The six-month swap then had been extended twice and lasted until February 2010.
The dollars secured from the U.S. central bank will be immediately supplied to the market, said Bank of Korea Governor Lee Ju-yeol on Friday.
Korea currently has the world’s ninth-largest foreign exchange reserves at $409.1 billion. But the coronavirus outbreak has prompted a massive capital outflow in Korea and other global markets as investors yanked their money out in favor of more secure assets like the dollar.
It bounced back Friday, closing the day up 7.38 percent at 1,565.24.
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