February 6, 2020 / 5:15 AM / 18 days ago

South Korea, Australia to renew, expand currency swap agreement

SEOUL (Reuters) - South Korea’s central bank said on Thursday it has agreed to renew an existing currency swap agreement with Australia, while expanding the size by 20% in a move aimed at strengthening trade and financial stability.

The existing currency swap deal, due to expire on Friday, will be extended for another three years and its size, which was around Australian $10 billion, will be expanded to A$12 billion ($8.11 billion), the Bank of Korea said in a statement.

The bank on Monday also agreed to extend its currency swap deal with Malaysia for three years.

Reporting by Joori Roh; Editing by Kim Coghill

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