SEOUL (Reuters) – South Korean President Yoon Se-yeol and U.S. President Joe Biden are expected to discuss a currency swap, Yonhap News Agency quoted a senior official in Yoon Se-yeol’s office as saying on Friday.
Re-establishing a currency swap with the U.S. would be a way to deal with the Korean won’s continued decline against the U.S. dollar, which is down about 17% this year, making it an Asian performer Worst currency except the Japanese Yen.
Officials in Washington and Seoul are arranging for a leaders meeting next week on the sidelines of the United Nations General Assembly in New York.
Currency swaps worth 60 USD 1 billion established by the Bank of Korea in March 2020 The agreement, while the Fed expired at the end of last year as an emergency measure to stabilize markets. Set the deadline and exchange rate in exchange for the Korean won to solve the liquidity difficulties of the US dollar.
