BOK to release first tranche of dollars next week under swap deal: Official
Updated: 2020-03-25 13:35:12 KST
South Korea will begin supplying dollars to the local market next week under the 60-billion-dollar currency swap deal with the U.S.
An official from the Bank of Korea said Wednesday that the BOK is in talks with the Fed to decide on the size of the first tranche by the end of this week.
The official said the BOK wants it to be much larger than the first tranche supplied during the financial crisis of 2008.
By providing dollars in exchange for the Korean won at a fixed rate, the deal with the Fed will help address a potential shortage of dollars amid the COVID-19 outbreak.