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Japan, South Korea to end currency swap arrangement
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SME Times News Bureau | 26 Apr, 2010
Japan and South Korea have agreed not to extend their emergency currency swap arrangement that expires this month, the government and central bank officials said in Seoul.
"The measures were implemented during extraordinary circumstances, and since the overall situation has stabilized, the arrangements should be terminated," a news agency reported quoting an official source.
The finance ministry and Bank of Korea on Sunday said the decision was made during recent talks between economic policymakers from neighboring countries.
According to the source, if the swap arrangement was extended, there is a chance the market may look upon it as being "strange" and out of the ordinary.
However, the source added that Seoul may opt to hold onto the USD 3 billion "standing" arrangement that was agreed upon before the worldwide financial crisis occurred, since it can help guard against sudden fluctuations in exchange rates caused by speculators.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
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