Today, the Reserve Bank of Australia renewed the bilateral local currency swap agreement with the Bank of Korea. The initial swap agreement between the two central banks was signed in 2014 and has been renewed for three year periods since that time. The new agreement is for a period of five years and allows the exchange of local currencies between the two central banks of up to A$12 billion or KRW 9.6 trillion.
This agreement is designed to promote bilateral trade for the economic development of Australia and Korea, and enhancing financial stability. The agreement can also be used for other, mutually agreed, purposes.
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