Türkiye, South Korea renew currency swap deal
A man walks past Turkish central bank in Ankara, Türkiye, on Nov. 23, 2023. (Xinhua Photo)
The Central Bank of the Republic of Türkiye (CBRT) and the Bank of Korea have renewed their bilateral currency swap agreement, aimed at bolstering economic cooperation between the two nations.
The agreement was signed by CBRT Governor Fatih Karahan and Bank of Korea Governor Chang Yong Rhee.
Details of swap agreement
The renewed swap agreement allows for the exchange of local currencies up to a maximum of ₺56 billion or 2.3 trillion South Korean won.
The agreement is designed to reflect current exchange rates and will facilitate trade finance and financial cooperation between the two countries. The agreement is valid for three years from today and can be extended by mutual consent of the parties involved.
This renewal is a significant step toward enhancing the economic ties between Türkiye and South Korea. The agreement aims to increase bilateral trade and deepen financial relations, thereby contributing to the economic stability of both nations.
