Central Bank of the Republic of Türkiye and Bank of Korea Renew Bilateral Currency Swap Arrangement (2024-43)

No: 2024-43

12 August 2024

Central Bank of the Republic of Türkiye and Bank of Korea Renew Bilateral Currency Swap Arrangement

The Central Bank of the Republic of Türkiye and Bank of Korea today renewed the Turkish lira-Korean won bilateral swap arrangement. Governor Fatih Karahan, Ph.D. and Governor Chang Yong Rhee signed the arrangement.

The swap arrangement allows for the exchange of local currencies between the two central banks of up to TRY 56.0 billion or KRW 2.3 trillion, reflecting recent KRW/TRY exchange rates.

The effective period is 3 years from today, and could be extended by mutual agreement between the two sides.

This arrangement is designed to promote bilateral trade through a swap-financed trade settlement facility and financial cooperation between the two countries. The two sides expect that this will further strengthen collaboration between the two central banks.

Contact

For further information, please send an e-mail to basin@tcmb.gov.tr.