The central banks of Türkiye and South Korea have agreed to resume a foreign money swap settlement that permits the change of native currencies between the duo, the Turkish central financial institution mentioned in an announcement on Monday.
“The Central Bank of the Republic of Türkiye (CBRT) and Bank of Korea today renewed the Turkish lira-Korean won bilateral swap arrangement. Governor Fatih Karahan and Governor Chang Yong Rhee signed the arrangement,” the financial institution mentioned.
“The swap arrangement allows for the exchange of local currencies between the two central banks of up to TL 56.0 billion ($1.67 billion) or KRW 2.3 trillion, reflecting recent KRW/TRY exchange rates,” it added.
The financial institution additional mentioned that the efficient interval for the association is three years, ranging from Monday, and might be prolonged by mutual settlement between the 2 sides.
“This arrangement is designed to promote bilateral trade through a swap-financed trade settlement facility and financial cooperation between the two countries. The two sides expect this to further strengthen collaboration between the two central banks,” it famous.
Source: www.dailysabah.com