Seoul offers the domestic market $ 12 billion


South Korea will provide $ 12 billion to the local market tomorrow, Tuesday, the first payment of $ 60 billion, which will be pumped under a currency swap agreement with the United States, according to South Korean radio station KBSWold today. Sunday.
The Bank of Korea stated that it will receive bids for loans in foreign currencies from local financial institutions next Tuesday. The money will already be pumped into the market from next Thursday after the auctions. The bidding ceiling is set to be $ 300 million for loans, payable within seven days, and $ 1.5 billion for loans payable within 84 days.

The Bank of Korea and the US Federal Reserve agreed last week to sign a currency swap agreement to counter the dollar shortage in the foreign exchange market caused by the Corona epidemic.

South Korea signed a 30-billion-dollar currency swap agreement with the United States during the global financial crisis in 2008. About four billion dollars were provided in the first installment, under the 2008 agreement.


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