July 30, 2020 / 12:16 AM / 11 days ago

S.Korea c.bank extends Fed currency swap line for six months

SEOUL, July 30 (Reuters) - South Korea’s central bank on Thursday said it has agreed to renew an existing currency swap agreement with the U.S. Federal Reserve by six months to at least March 31 2021.

The $60 billion currency swap deal has been in place since March as part of a number of dollar swap lines the Fed signed with central banks around the world to cushion the global economic blow from the coronavirus pandemic.

The Bank of Korea said it will conduct auctions to inject dollar liquidity into onshore markets if needed.

The BOK’s recent dollar auctions from the Fed swap hasn’t been fully taken up, in a sign the market has stabilized somewhat. (Reporting by Cynthia Kim Editing by Shri Navaratnam)

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