South Korea and Australia have agreed to keep their bilateral currency swap deal in effect for three more years until February 2020.
 
The two countries also doubled the amount of currencies swappable under the deal from five billion Australian dollars to ten billion dollars.
 
The Bank of Korea said the extended currency swap deal with Canberra will allow Seoul to utilize a joint currency pool more flexibly and keep its financial market stable amid international fluctuations.
 
A currency swap deal refers to an agreement between countries to jointly set up a currency pool to tap needed dollars or other money in the event of emergencies like a foreign exchange crisis.