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ABU DHABI / WAM
The Central Bank of the UAE (CBUAE) and Bank of Korea (BOK) renewed their bilateral currency swap agreement (BCSA), which was originally signed in October 2013 at a value of $5.4 billion, reaffirming their commitment towards promoting trade and financial cooperation between the two countries.
The agreement, which contributed significantly to development of economic and financial markets, will continue to allow exchange of local currencies of up to AED20 billion equivalent to 6.1 trillion Korean won. The effective period of the facility will be over a period of three years commencing April 13, 2019, and be extended following mutual consent of both parties.