Signed by BI Governor Perry Warjiyo and BoK Governor Rhee Chang-yong, the deal is aimed to promote bilateral trade and financial cooperation for economic development of the two countries while supporting the settlement of trade in local currency between the two nations even in times of financial stress.
It will be effective for three new years until March 5, 2026. The central banks initially signed the swap deal in 2014 and extended it in 2017 and 2020.
