Gov"t to Implement Swaps among Central Banks
The government plans to increase foreign exchange reserves by issuing national bonds with IBRD's guarantee and using SWAP transactions between central banks. The Ministry of Economy and Finance (MOEF) revealed on October 7 that Lee Kyu Sung, the Economy Minister met Lawrence Surmonth, the U.S. Deputy Secretary of the Treasury and he agreed with the measure.According to MOEF, Surmonth said, 'The IMF cannot guarantee but the IBRD can do it', but about the SWAP among central banks, he refused by saying, 'Korean foreign exchange reserves reached sufficient level.' SWAP is short-term foreign currency funding method by exchanging won and dollars.
with the Korea JoongAng Daily
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