South Korea's central bank has renewed a currency swap deal with the United Arab Emirates (UAE) to the tune of six trillion won. 

The Bank of Korea said Saturday that governor Lee Ju-yeol and his UAE counterpart Mubarak Al Mansoori signed the agreement at the International Monetary Fund headquarters in Washington.

Under the renewed deal, the two countries' central banks can exchange up to six-point-one trillion won for trade payment assistance and other purposes.

The deal is valid for three years and can be extended if both sides agree.

Korea and the UAE signed the first currency swap in 2013 but failed to extend it before it expired in 2016. 

The Bank of Korea said the delay in renewing the deal was due to differences over technical issues related to each side's laws and regulations.

A BOK official expressed hope that the renewed swap agreement will serve to promote bilateral trade and strengthen financial cooperation between the two countries.