April 12, 2019 / 8:31 PM / 2 months ago

S.Korea, UAE renew $5.4 bln currency swap deal for 3 years

SEOUL, April 13 (Reuters) - South Korea’s central bank said on Saturday it has agreed to renew a currency swap deal with the United Arab Emirates (UAE) to boost financial stability for both countries.

The $5.4 billion currency swap, which was first signed in 2013 and expired in October 2016, will be put in place until April 2022, the Bank of Korea said in a statement.

Talks to extend the deal have been delayed due to differences over regulatory issues, it added.

South Korea currently owns currency swap deals worth above a total of $132.8 billion with more than seven countries including China, Canada and Switzerland.

Reporting by Joori Roh, Editing by Sherry Jacob-Phillips

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