(MENAFN) The Bank of Korea (BOK) announced that as of October 31, the country will end the bilateral currency swap arrangement with Japan, reported Xinhua News.
The central bank said that authorities from both sides agreed on the move, which would cut the currency swap deal between Tokyo and Seoul to the pre-crisis level of USD13 billion.
It added that of the amount, USD3 billion will be the won-yen swap agreement between the BOK and the Bank of Japan (BOJ), whereas the remaining USD10 billion will be won-dollar swap arrangement under the Chiang Mai Initiative (CMI).
It is worth noting that the bilateral swap volume between the two Asian countries was USD70 billion before the decision to terminate the deal.
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