South Korea and Indonesia have agreed to extend their eleven-trillion-won currency swap deal.
 
According to the Finance Ministry on Monday, the Bank of Korea and Bank Indonesia agreed to extend their countries’ currency swap agreement for three more years. The extended deal will expire on March fifth, 2020.
 
The deal will allow for the exchange of up to ten-point-seven trillion won.
 
A ministry official said that the latest deal is expected to contribute to promoting financial stability in the region as it will enable both countries to settle trade-related payments in their own currencies at a time when the global financial market is volatile.