March 19, 2020 / 1:28 PM / 11 days ago

S.Korea expects currency swap deal with Fed to stabilise FX market

SEOUL, March 19 (Reuters) - South Korea’s central bank said on late Thursday that it will sign a currency swap deal with the U.S. Federal Reserve and that it expects the deal to help stabilise the foreign exchange market.

The two countries announced a bilateral $60 billion currency swap arrangement for at least six months, the Bank of Korea said.

The bank plans to immediately inject dollar liquidity to onshore markets using the swap deal with the United States, it added. (Reporting by Joori Roh, Cynthia Kim)

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