Iceland secures swap deal
Source: Agencies |
June 10, 2010, Thursday
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Print Edition
Print Edition
ICELAND'S central bank has signed a currency swap deal with China worth 66 billion krona (US$500 million).
Iceland has been seeking to improve access to foreign currency since the country's banking sector collapsed in October 2008, leading to an economic rout and a fall in the krona.
The tiny Nordic nation's central bank - Sedlabanki - said yesterday the pact with the People's Bank of China has a three-year maturity and can be extended if both parties agree.
Sedlabanki last month reached a deal to buy krona-denominated assets held in Luxembourg, reducing the country's external debt by over 3.5 percent of GDP.
Iceland has been seeking to improve access to foreign currency since the country's banking sector collapsed in October 2008, leading to an economic rout and a fall in the krona.
The tiny Nordic nation's central bank - Sedlabanki - said yesterday the pact with the People's Bank of China has a three-year maturity and can be extended if both parties agree.
Sedlabanki last month reached a deal to buy krona-denominated assets held in Luxembourg, reducing the country's external debt by over 3.5 percent of GDP.
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