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South Korea plans to discuss bilateral foreign exchange swap with Japan, finance minister says

SEOUL (Reuters) – South Korea will discuss with Japan re-establishing a bilateral foreign exchange swap line that expired on 29, South Korea’s finance minister said on Thursday.

“Current economic issues, including bilateral and regional financial cooperation, will be discussed at the bilateral finance ministers’ meeting in June 29,” Minister Choo Kyung-ho said, adding that a currency swap arrangement was also on the agenda.

Choo answered a reporter’s question on the forum about the scheduled meeting between Japan and South Korea’s finance ministers in Tokyo.

The meeting will mark the resumption of a regular dialogue between the two finance ministers, which they agreed to at their previous meeting in early May but has since 2016 has been suspended since .

On the domestic economy, Choo said growth this year is likely to be “slightly lower” than the government’s previous forecast of 1.6%.

He said the revision would be included in the economic forecasts that the government will issue when it publishes its semi-annual policy plan in late June or early July.

Meanwhile, the government is not considering a supplementary budget for this year and does not plan to do so for now, he said.

Inflation rate in country fell to 29 – monthly low in May, may fall to 2% upper limit this month, but remains at High, controlling it will remain a priority for some time, Choo said.



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