Arab Today, arab today s korea japan agree to expand currency swap to 70 bln usd
Last Updated : GMT 05:43:19
Arab Today, arab today
Arab Today, arab today

S. Korea, Japan agree to expand currency swap to 70 bln USD

Arab Today, arab today

Arab Today, arab today S. Korea, Japan agree to expand currency swap to 70 bln USD

Seoul - Xinhua

South Korea and Japan agreed Wednesday to expand their currency swap arrangement to 70 billion U.S. dollars from 13 billion dollars. According to an e-mailed statement sent by the Bank of Korea (BOK), the central bank reached an agreement with the Bank of Japan (BOJ) on an increase in the maximum of the bilateral won-yen swap from 3 billion dollars to 30 billion dollars. The increase will be effective until the end of October 2012. The BOK said in a separate statement released jointly by the Ministry of Strategy and Finance that the central bank expanded its won-dollar swap arrangement with Japan\'s finance ministry to 40 billion dollars from 10 billion dollars. The swap line will take effect by the end of October next year. Under the agreement, Japan would provide South Korea with 30 billion dollars in the Japanese yen as well as with 40 billion dollars in the greenback in exchange for receiving 70 billion dollars in the South Korean won. WON-YEN SWAP The won-yen swap arrangement for non-crisis period had been made effective since May 2005 in a bid to stabilize regional financial markets through supply of short-term liquidity, but the swap line was widened to the 30 billion-dollar level amid growing external uncertainties caused by Europe\'s debt crisis and delayed economic recovery in advanced nations. \"It would take a very long time for the European fiscal crisis to be resolved. Such worries boosted market volatility and uncertainty. South Korea and Japan will secure financial stability in the region as well as in the two nations through the swap line expansion,\" vice finance minister Shin Je-yoon told reporters at a joint news conference with senior BOK deputy governor Lee Ju- yeol. \"The action will mitigate adverse influences of heightened uncertainty in the global market on the two sound and well-managed economies and contribute to enhance stability in regional financial markets,\" the BOK said. At the height of the 2008 global financial crisis, the won- yen swap line was expanded to 20 billion dollars, but the 17 billon-dollar swap line was closed last year after the global financial markets showed signs of stabilizing. The remaining 3 billion-dollar line was scheduled to expire on July 3, 2013. WON-DOLLAR SWAP The won-dollar swap arrangement worth 10 billion dollars, which can be tapped in the event of emergency, had been made effective through Chiang Mai Initiative (CMI), or a regional currency swap agreement. The CMI was reached in May 2000 between China, Japan, South Korea and the Association of Southeast Asian Nations (ASEAN) in a bid to prevent the outbreak of the region\'s foreign exchange crisis. The won-dollar swap line between South Korea and Japan grew to 40 billion dollars after South Korean President Lee Myung-bak held summit talks with his Japanese counterpart Yoshihiko Noda. The two head of states shared views that the two nations need to strengthen financial cooperation amid deepening uncertainties over the global economy. \"The two nations agreed to expand bilateral currency swap to a total of 70 billion dollars sufficient for mutual benefits and financial stability,\" Shin said, adding that it would enhance the country\'s sovereign credit condition along with 26 billion dollars worth of swap line with China and foreign reserves amounting to more than 300 billion dollars.

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 s korea japan agree to expand currency swap to 70 bln usd Arab Today, arab today s korea japan agree to expand currency swap to 70 bln usd

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
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 Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 15:06 2017 Saturday ,25 March

Dialysis Supplies Dwindle for Syrians

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
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