▲ Presidential spokesperson Lee Do-woon gives a press briefing at the presidential office in Seoul on June 26, 2023. (Yonhap)

presidential office-currency swap

Yoon's office welcomes S. Korea-Japan currency swap deal

By Lee Haye-ah

SEOUL, June 29 (Yonhap) -- The office of President Yoon Suk Yeol welcomed the resumption of a currency swap deal between South Korea and Japan on Thursday, saying it shows the two countries' relationship is improving also in the financial sphere.

The US$10 billion currency swap deal was agreed between Finance Minister Choo Kyung-ho and his Japanese counterpart, Shunichi Suzuki, in Tokyo earlier in the day, restoring an arrangement that was terminated in 2015 amid strained bilateral ties.

"The resumption of the South Korea-Japan currency swap is meaningful progress that shows the bilateral relationship, which has quickly recovered in the security and industry sectors following the South Korea-Japan summit in March, is also being restored in the financial cooperation sector," presidential spokesperson Lee Do-woon said during a press briefing.

Lee also said the agreement signifies the extension of advanced economies' foreign exchange liquidity safety net to South Korea's foreign exchange market.

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