Korea-Indonesia Currency Swap Extended for 3 Years at 10.7 Trillion Won

[Image source=Yonhap News]

The Bank of Korea and the Central Bank of Indonesia have agreed to extend their currency swap agreement for three years.

On the 6th, the Bank of Korea announced that Governor Lee Chang-yong and Governor Perry Warjiyo of the Central Bank of Indonesia agreed to extend the won-rupiah currency swap agreement until March 5, 2026.

The Korea-Indonesia currency swap was originally signed in 2014 and extended in 2017 and 2020.

With this extension, the two central banks can mutually provide funding support up to 10.7 trillion won (115 trillion rupiah).

The currency swap agreement between the two countries is expected to help promote mutual trade and strengthen financial cooperation.

The Bank of Korea explained, "Even during periods of high volatility in international financial markets, utilizing swap funds to stably settle export and import payments is expected to contribute to promoting regional trade and financial stability."