Most Read Bank of Korea to offer $12 bln in dollar lending from Fed currency swap SEOUL, March 29 (Reuters) – South Korea’s central bank said on Sunday it will draw on its new currency swap with the U.S.Federal Reserve to provide $12 billion of U.S.dollar funding to local banks via auctions on March 31.The Bank of Korea will auction the dollars for seven-day, and 84-day terms at 25 basis points over the overnight index swap rate, it said in a statement.The Fed said on March 19 the BOK is one of nine central banks it will sign new dollar swap lines with in a coordinated action to prevent the coronavirus epidemic from causing a global economic rout.The agreement with South Korea is a $60 billion bilateral currency swap facility for at least six months.The BOK said it will hold additional auctions to inject dollar liquidity if needed.
(Reporting by Cynthia Kim, Yena Park; Editing by Simon Cameron-Moore) 2020-03-29 05:00:00
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