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Biz News Korea(Eng)
S. Korea and Canada sign standing currency swap agreement
- Collected
- 2017.11.16
- Distributed
- 2017.11.17
- Source
- Go Direct
Effective immediately, the agreement enables the Bank of Korea to provide liquidity in Korean won to Canadian financial institutions, and the Bank of Canada in Canadian dollars to Korean financial institutions, the Korean central bank said in a statement.
At 12:03 p.m. Thursday, the Korean won were up 2.50 won at 1,105.50 won.
The BOK Governor Lee Ju-yeol and his Canadian counterpart Stephen S. Poloz signed the agreement at the Canadian central bank’s headquarters in Ottawa, Canada on Wednesday (local time).
It is the first currency swap arrangement between the two countries and has no ceiling or maturity in funding, allowing individual financial institutions of each county set their own terms on size and maturity.
With the highest credit rating of AAA from global rating agencies such as Standard & Poor’s, Canadian dollar is regarded as one of reserve currencies.
Currently, Korea has currency swap agreements with China, Indonesia and other countries worth a combined $116.8 billion, excluding a deal worth $5.4 billion with United Arab Emirates in negotiation for extension. Korea extended currency swap agreements with Malaysia, Australia, Indonesia, and China this year.
By Kim In-oh and Cho Jeehyun
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