Korea dips into Fed facility

The Bank of Korea is to tap the Federal Reserve for $4 billion as part of its $30 billion swap arrangement agreed at the end of last month.

The Korean central bank will use the funds to meet demand for dollars in the local market.

The auction for the dollar loans will take place on 2 December. The loans, which will mature on the last weekend in February, will be valued on 4 December.

The minimum bid amount will be $1m, the maximum $600m. The central bank will announce the minimum bid rate

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