SEOUL, June 29 (Xinhua) — South Korea and Japan on Thursday agreed to renew their bilateral forex swap deal for 3 years, in line with the South Korean Ministry of Economy and Finance.
Under the settlement, South Korea shall be allowed to alternate 10 billion U.S. {dollars} value of its home forex for the equal quantity of the dollar owned by Japan.
Japan can swap 10 billion {dollars} value of its native forex for the corresponding quantity of the dollar owned by South Korea.
The South Korean ministry mentioned the forex swap settlement with Japan was resumed after an eight-year hiatus.
Except for the cope with Japan, South Korea reached 9 forex swap contracts value greater than 138 billion {dollars}.