South Korea, UAE agree to extend currency swap agreement for 5 years

SEOUL: South Korea's central bank said on Wednesday it has agreed with the Central Bank of the United Arab Emirates (CBUAE) to extend a currency swap agreement for five years.

The renewed 20 billion UAE dirham (US$5.5 billion) currency swap deal between the Bank of Korea and CBUAE, first signed in 2013, is effective from Apr 13 and can be extended by mutual consent.