S. Korea, U.S. to sign currency swap contract: sources

(ATTN: ADDS ministry official's comment, more info in last 2 paras)
SEOUL, Oct. 29 (Yonhap) -- South Korea is highly likely to sign a currency swap
contract with the United States in a bid to ease a dollar-funding shortage amid
deepening global financial turmoil, a finance ministry source said Wednesday.
A delegation from the U.S. Department of the Treasury is currently in South Korea
to discuss the possible currency swap with their South Korean counterparts, the
source said on condition of anonymity.
Details on a timetable and the scale of the currency swap have yet to be
confirmed. Related ministry officials declined to confirm, but a separated source
close to the matter said, "Talks are currently underway, and they are close to a
deal."
Meanwhile, the finance ministry denied a local newspaper report that the country
is seeking to apply for a currency swap with the International Monetary Fund
under a new loan architecture to be announced this week.
kokobj@yna.co.kr
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