SEOUL, Feb. 23 (Xinhua) -- South Korea and Australia have signed a currency swap agreement to help promote bilateral trade and trade settlement in local currencies even in times of financial stress, Seoul's central bank said Sunday.
Bank of Korea (BOK) Governor Kim Choong-soo and his Australian counterpart Glenn Stevens signed the currency swap deal Sunday in Sydney, the BOK said in a statement. The two central bank chiefs were staying in Sydney to attend the meeting of G20.
The deal will allow for the exchange of local currencies between the two central banks of up to 5 trillion won (4.5 billion U.S. dollars) or 5 billion Australian dollars for three years. The period could be extended by mutual consent of both sides.