ID :
82245
Tue, 09/29/2009 - 12:55
Auther :
Shortlink :
https://www.oananews.org//node/82245
The shortlink copeid
BOK to retrieve US$1 bln from local banks
SEOUL, Sept. 28 (Yonhap) -- South Korea's central bank said Monday it will retrieve a maturing US$1 billion loan it extended to local banks without making roll-overs amid improving foreign currency liquidity.
The Bank of Korea (BOK) said the money is part of a $30 billion currency swap
agreement that it signed with the U.S. Federal Reserve in late October.
The BOK said it will retrieve the whole amount maturing on Thursday, which would
lead its outstanding loans from the swap line to fall to $3.05 billion, it added.
"Whether to re-offer loans would hinge on the movement of the global financial
markets and the current account balance," the BOK said in a statement.
South Korea's central bank has been reducing its dollar supply since late March
as foreign currency market conditions have improved.
Local banks, saddled with high overseas short-term borrowing, had been suffering
from dollar shortages, sparking concerns they could face difficulty in meeting
financial needs and servicing their debt.
sooyeon@yna.co.kr
(END)
The Bank of Korea (BOK) said the money is part of a $30 billion currency swap
agreement that it signed with the U.S. Federal Reserve in late October.
The BOK said it will retrieve the whole amount maturing on Thursday, which would
lead its outstanding loans from the swap line to fall to $3.05 billion, it added.
"Whether to re-offer loans would hinge on the movement of the global financial
markets and the current account balance," the BOK said in a statement.
South Korea's central bank has been reducing its dollar supply since late March
as foreign currency market conditions have improved.
Local banks, saddled with high overseas short-term borrowing, had been suffering
from dollar shortages, sparking concerns they could face difficulty in meeting
financial needs and servicing their debt.
sooyeon@yna.co.kr
(END)
