SEOUL:
The central banks of South Korea and Turkey agreed to renew their bilateral currency swap deal for three more years, the Bank of Korea (BOK) said on Monday.
The BOK and the Central Bank of the Republic of Turkey announced the renewal of the bilateral swap arrangement, which allows for the exchange of local currencies between the two central banks of up to some $2 billion, reports Xinhua news agency.
The renewed accord will be effective for three years starting Monday and could be extended by a mutual agreement between the two sides. The swap deal was initially signed in 2021.
The pact was designed to promote bilateral trade through a swap-financed trade settlement facility and financial cooperation between the two countries, the BOK said in a statement.
more recommended stories
OpenAI Announces $500 bn AI ProjectNEW YORK:As Sam Altman-run OpenAI announced.
Gaza War: Israel and Hamas Reach Ceasefire, Hostage Release DealNEW DELHI:Over a year after the.
Guterres Welcomes Gaza Ceasefire, Hostage Release Deal as ‘Critical First Step’UNITED NATIONS:UN Secretary-General Antonio Guterres has.
Two Indian Americans Elected to Virginia State LegislaturesNEW YORK:Two Indian Americans were elected.
Investigators Probing New Orleans Islamic State Terrorist’s Canada LinkNEW YORK:As investigations into the New.
Five Countries Assume Responsibilities as Elected Members of UN Security CouncilUNITED NATIONS:Denmark, Greece, Pakistan, Panama and.
Flight Data Recorder from Crashed South Korea Plane to be Sent to US for AnalysisSEOUL:The South Korean government on Wednesday.
Intentional Wage Theft Facing up to 10-year Imprisonment in AustraliaCANBERRA:Australia’s new laws that took effect.
Panama Celebrates 25th Anniversary of Canal’s HandoverPANAMA CITY:Panama celebrated the 25th anniversary.
US Court Upholds $5 Million Verdict Against Trump in Sexual Abuse CaseWASHINGTON:A US federal appeals court has.