BOK, state pension fund agree to open currency swap line
Published: 23 Sep. 2022, 17:02
![Bank of Korea's headquarters in Jung District, central Seoul, on March 23. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2022/09/23/ca1f9c12-999e-414a-9316-b17a9ed9acfe.jpg)
Bank of Korea's headquarters in Jung District, central Seoul, on March 23. [YONHAP]
Korea's central bank said Friday that it has agreed to open a dollar-for-won currency swap line with the state pension fund in a bid to ease demand for dollars in the domestic foreign exchange market and support the rapidly weakening local currency.
The swap deal will allow the National Pension Service to borrow up to $10 billion from foreign reserves held by the Bank of Korea (BOK) in exchange for its local currency holdings, the BOK said in a press release.
Yonhap
with the Korea JoongAng Daily
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