The Korea-Japan currency swap worth $10 billion, which is set to mature this year, will be extended for three years starting next year.
Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il, who is visiting Bangkok, Thailand, to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB), met with Japanese Finance Minister Katayama Satsuki on the 15th and agreed to extend the Korea-Japan currency swap. The extension period is three years.
The finance ministers of South Korea and Japan shared the view that the foreign exchange authorities of both countries have secured sufficient foreign currency liquidity.
The Ministry of Economy and Finance explained, "Considering the importance of the currency swap as a symbol of financial cooperation and coordination between Korea and Japan, we agreed to extend the currency swap."
The Korea-Japan currency swap, worth $10 billion, was signed in December 2023 with a three-year contract term and was scheduled to mature this year.
Meanwhile, in accordance with the agreement reached at the 10th Korea-Japan Finance Ministers' Meeting held in Tokyo, Japan, last March, both sides decided to hold the next Korea-Japan Finance Ministers' Meeting in South Korea as soon as possible.
in ECONOMY
