Sharjah24 – WAM: The Central Bank of the UAE (CBUAE) and the Bank of Korea (BOK) today renewed the Bilateral Local Currency Swap Agreement, reaffirming their commitment to promote trade and financial cooperation.

The agreement was signed by Khaled Mohamed Balama, CBUAE Governor, and Juyeol Lee, Governor of the Bank of Korea.

The agreement, which was originally signed in 2013, will continue to allow the exchange of local currencies between the two central banks of up to AED20 billion and to KRW6.1 trillion for a period of five years, with the possibility of extension by mutual consent. It will come into effect on 13th April, 2022.

The Governor of the CBUAE commented, "The agreement with the Bank of Korea contributes significantly to the development of economic and financial markets on both countries. It reflects the desire to enhance our bilateral cooperation on financial matters, particularly on trade and investment, and to strengthen financial stability."