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UAE-Korea renew Bilateral Currency Swap Agreement

The Central Bank of the UAE, CBUAE, and Bank of Korea, BOK, have renewed their Bilateral Currency Swap Agreement, BCSA, which was originally signed in October 2013 at a value of US$5.4 billion, reaffirming their commitment towards promoting trade and financial cooperation between the two countries.

The agreement, which contributed significantly to the development of economic and financial markets on both sides, will continue to allow the exchange of local currencies between the two central banks of up to AED20 billion equivalent to 6.1 trillion Korean won.

This arrangement was signed by Mubarak Rashed Khamis Al Mansoori, Governor of CBUAE, and Juyeol Lee, Governor of BOK, in Washington DC.

The effective period of the facility will be over a period of three years commencing 13th April, 2019, and be extended following mutual consent of both parties.

Source: WAM

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