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July 12, 2024

S.Korea, UAE agree to extend currency swap agreement for five years

South Korea’s central bank said on Wednesday it has agreed with the Central Bank of the United Arab Emirates (CBUAE) to extend a currency swap agreement for five years.

The renewed 20 billion UAE dirham ($5.5 billion) currency swap deal between the Bank of Korea and CBUAE, first signed in 2013, is effective from April 13 and can be extended by mutual consent.

($1 = 3.6726 UAE dirham)