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South Korea and Japan have decided not to extend the soon-to-be-expired won-yen swap facility worth $3 billion in currency, officials said Monday.
Korea's central bank said that it and its counterpart in Japan have reached a decision to end the bilateral swap line, which is due to expire on July 3.
South Korea and Japan signed a swap deal worth $13 billion in 2008 to better prepare for the global financial crisis. They expanded the swap line temporarily to $70 billion in 2011. Under the deal, Seoul is able to exchange its own currency with safer assets such as the dollar and the yen. (Yonhap News)
Korea's central bank said that it and its counterpart in Japan have reached a decision to end the bilateral swap line, which is due to expire on July 3.
South Korea and Japan signed a swap deal worth $13 billion in 2008 to better prepare for the global financial crisis. They expanded the swap line temporarily to $70 billion in 2011. Under the deal, Seoul is able to exchange its own currency with safer assets such as the dollar and the yen. (Yonhap News)
