Korea, Turkey renew bilateral swap agreement

The extension is effective for a period of 3 years beginning August 2024.

The Bank of Korea (BOK) and the Central Bank of the Republic of Turkiye renewed the Korean Won-Turkish Lira bilateral swap agreement.

BOK governor Chang Yong Rhee and Turkey’s central bank governor Fatih Karahan inked the renewed agreement for a further 3-year period beginning 12 August 2024.

The arrangement allows the exchange of currencies between the two central banks of up to KRW2.3t or TRY56b.

This arrangement is reportedly designed to promote bilateral trade through a swap-financed trade settlement facility and financial cooperation between the two countries, the BOK said in a press release announcing the renewal.