Arab Today, arab today korea uae signs currency swap deal worth 54bn
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Korea, UAE signs currency swap deal worth $5.4bn

Arab Today, arab today

Arab Today, arab today Korea, UAE signs currency swap deal worth $5.4bn

Seoul - Yonhap

South Korea and the United Arab Emirates on Sunday clinched a won-dirham currency swap deal worth US$5.4 billion as part of efforts to strengthen financial cooperation among the two nations, the Korean central bank said. Under the three-year currency swap facility, the two countries can exchange 5.8 trillion won for 20 billion dirham or vice versa, which could be also used to settle payments linked to their bilateral trade, the Bank of Korea (BOK) said in a statement. The BOK said that the deal is subject to renew upon agreement when a maturity comes. The BOK said that it and its counterpart in the United Arab Emirates will continue to make efforts to facilitate the two countries\' trade and strengthen financial cooperation. The UAE is South Korea\'s third-largest trade partner among countries in the Middle East. The value of Korea\'s import from the UAE reached $15.1 billion last year, while Seoul\'s exports were valued at $6.9 billion, according to the customs office. The move came as Korea and Indonesia agreed to sign a won-rupiah currency swap deal worth $10 billion amid market turmoil facing emerging countries, such as India and Indonesia. Korean Finance Minister Hyun Oh-seok said on Saturday in a meeting with reporters in Washington that Korea is in talks with a few more countries for currency swap deals. Hyun did not mention the names of the countries, but said they include those with which Korea has a large amount of trade, including imports of natural resources. A currency swap line is a tool to defend against financial turmoil by allowing a country beset by a liquidity crunch to borrow money from others with its own currency. The Korean government has been seeking to utilize currency swap deals with other countries to settle payments for trade in a bid to reduce its dependency on the U.S. dollar.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today korea uae signs currency swap deal worth 54bn Arab Today, arab today korea uae signs currency swap deal worth 54bn

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today korea uae signs currency swap deal worth 54bn Arab Today, arab today korea uae signs currency swap deal worth 54bn

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday