Türkiye and South Korea renew currency swap agreement

The Central Bank of the Republic of Turkey (CBRT) and the Central Bank of South Korea renewed the Turkish lira-Korean won bilateral currency swap agreement.

In the statement of the TCMB, it was reported that the agreement was signed by TCMB Governor Fatih Karahan and Korean Central Bank Governor Chang Yong Rhee.

The statement, which stated that the swap agreement will allow for a maximum of 56 billion Turkish lira or 2.3 trillion Korean won worth of local currency swaps between the two central banks, reflecting current exchange rates, included the following statements: “The validity period of the agreement is 3 years as of today and may be extended upon mutual agreement of the parties. The agreement aims to promote bilateral trade and financial cooperation through currency swap-financed trade agreements. The parties anticipate that the cooperation between the two central banks will be further strengthened with the swap agreement.”