SEOUL, June 21 (Reuters) – South Korea’s foreign exchange authorities on Friday said they agreed with the National Pension Service to expand a currency swap line to $50 billion from the current $35 billion to defend the tumbling won against the dollar.
“The foreign exchange authorities believe that the FX swap with the National Pension Service can work to alleviate the supply-demand imbalance in the foreign exchange market by absorbing the National Pension Service’s spot dollar purchase demand when the currency market is unstable,” the finance ministry said in a statement.
Source: REUTER
