South Korea extends currency swap agreement with Switzerland for 5 years

The renewed 10 billion Swiss francs ($11.05 billion) currency swap deal, which was first signed in 2018, will be effective from March 1 and could be extended again if agreed by both sides.

SEOUL, March 1 (Reuters) - South Korea's central bank said on Monday its currency swap agreement with Switzerland has been extended for another five years in a move aimed at "enhancing bilateral cooperation and facilitating the functioning of financial markets of the two" countries.

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea. (AP Photo)

The renewed 10 billion Swiss francs ($11.05 billion) currency swap deal, which was first signed in 2018, will be effective from March 1 and could be extended again if agreed by both sides.

South Korea has signed currency swap deals worth around $196 billion with more than eight countries including the United States, China and Canada.