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Australia, SK agree to swap deal
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South Korea and Australia signed yesterday a currency swap deal worth US$4.5 billion, Seoul’s central bank said, in a move to boost trades and help curb currency swings.
The deal — signed by their central bank governors — allows the two nations to purchase and repurchase each other’s currency of up to 5 trillion won, the Bank of Korea said in a statement.
The three-year deal, which is renewable upon agreement, will allow greater flexibility for businesses to use local currencies for trade that have been commonly settled in US dollars, the statement said.
“The agreement is designed to promote bilateral trade for the economic development of the two countries,” it added.
Bilateral trade amounted to US$30 billion in 2013, the central bank said, adding that South Korea, Asia’s fourth-largest economy, was also Australia’s fourth-biggest trading partner.
Mineral-rich Australia is also South Korea’s seventh-largest trading partner, exporting iron ore, coal and crude oil.
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