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South Korea's Yoon, Biden expected to discuss currency swap: Report

South Korea's Yoon, Biden expected to discuss currency swap: Report

South Korean 10,000 won note is seen on US 100 dollar notes in this picture illustration taken in Seoul, South Korea on Dec 15, 2015. (File photo: Reuters/Kim Hong-Ji)

SEOUL: South Korean President Yoon Suk-yeol and his US counterpart, Joe Biden, are expected to discuss a currency swap, the Yonhap news agency said on Friday (Sep 16), quoting a senior official of Yoon's office.

A re-establishment of a currency swap with the US would be a way of countering the won's persistent decline against the dollar, amounting to about 17 per cent this year, to make it Asia's worst performing currency, except for the Japanese yen.

Washington and Seoul officials are arranging a meeting of the leaders on the sidelines of next week's UN General Assembly meeting in New York.

A US$60-billion currency swap pact set up in March 2020 by South Korea's central bank and the US Federal Reserve, as an emergency step to stabilise markets, expired at the end of last year.

Such a swap would allow South Korea to borrow a certain amount of US dollars for a pre-set period and rate, in exchange for won, so as to resolve difficulties in dollar liquidity.

Source: Reuters/st

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