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Bank of Korea to supply US$ 12 bil. into local market, first dollar injections under currency swap deal Updated: 2020-03-30 10:47:22 KST

The Bank of Korea is set to supply 12 billion U.S. dollars into the local market, in its first round of dollar injections using a currency swap line with the U.S.
The central bank said Sunday that it will receive bids for foreign currency loans from local financial institutions on Tuesday, with the money being injected from Thursday following the bidding process.
The bid is taking place in just 13 days since the Bank of Korea and the Federal Reserve agreed on a 60 billion dollar swap line.
It added the ceiling amount for the bidding is set at 3-hundred million dollars for loans that mature in seven days and 1.5 billion dollars for 84-day loans.
The supply is expected to stabilize markets, and the central bank explained it will consider holding more auctions after examining the demand for dollars.

"We expect the move will contribute to easing the uncertainties we've seen in South Korea's foreign exchange market."

Starting April, the Korea Development Bank, a state-owned bank, will provide 1.5 billion dollars in a corporate bond takeover scheme.
It says its first target is the nation's airline industry, which has been hardest-hit by the pandemic.
Together with the Industrial Bank of Korea, the KDB will also purchase corporate bills worth some 1.6 billion dollars.
Kim Hyo-sun, Arirang News.
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