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S. Korea, U.S. extend US$ 60 bil. currency swap agreement by 6 months amid COVID-19 pandemic Updated: 2020-07-30 07:17:48 KST

South Korea and the U.S. are extending their 60-billion U.S. dollar bilateral currency swap deal by another six months, as they look to ease lingering market uncertainties in the era of COVID-19.
With the agreement, the deal, initially set to finish at the end of September has now been extended until the end of March 2021.
The Bank of Korea said Thursday that despite both the U.S. dollar and Korea's foreign exchange markets showing signs of stabilizing the virus is still a concern.
The deal marks the second its kind to be signed with the U.S. after the Korean won-dollar swap line was sealed in October 2008 at the height of the global financial crisis.
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