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S. Korean, Australian Finance Ministers Support Central Banks Currency Swap

Written: 2019-10-19 14:29:40Updated: 2019-10-19 14:37:56

S. Korean, Australian Finance Ministers Support Central Banks Currency Swap

Photo : YONHAP News

The finance ministers of South Korea and Australia appear to have agreed on the need to support the continuation of a bilateral currency swap deal expiring early next year. 

Finance Minister Hong Nam-ki met with his Australian counterpart Josh Frydenberg for talks in Washington on Friday during his trip to the U.S. for the Group of 20 finance ministers and central bank governors' meeting.
 
With the seven-point-five billion dollar currency swap deal set to expire in February of next year, the two sides said they will support their central banks' efforts to further strengthen financial collaboration. 

South Korea has signed similar swap deals with Canada, China, Malaysia and Indonesia in an emergency measure to prepare for a potential liquidity crunch.

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