Economy

UAE, Korea renew AED 20 billion bilateral currency swap agreement

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The deal, which contributed significantly to the development of economic and financial markets on both sides, will continue to allow the exchange of local currencies between the two central banks of up to AED 20 billion equivalent to KRW 6.1 trillion.

Monday 15, April 2019 BY KUDAKWASHE MUZORIWA

The Central Bank of the UAE (CBUAE) and Bank of Korea (BOK) have renewed their bilateral currency swap agreement (BCSA) which was originally signed in October 2013 at a value of $5.4 billion, reaffirming their commitment towards promoting trade and financial cooperation between the two countries, according to local newswire, WAM.

The facility will be effective for a period of more than three years commencing 13 April 2019 and is open to extension.

TAGS : currency swap , UAE-South Korea, trade and financial cooperation

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