Korea and Indonesia agree $10 billion swap line

korean won

The Bank of Korea has established a second currency swap line in as many weeks, after agreeing a deal with Bank Indonesia that will allow the central banks to exchange up to $10 billion worth of their local currencies with one another.

Kim Choong-soo, governor of the Bank of Korea, and Agus Martowardojo, governor of Bank Indonesia, signed the agreement in Jakarta today. The facility will be operational for three years, but could be extended "by mutual consent of both sides".

The facility eclipse

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