The central bank said on Thursday that the country's 60 billion-dollar currency swap deal with the United States will expire on December 31 as scheduled.

An official at the Bank of Korea(BOK) said the swap deal will lapse as planned, as domestic and global financial and economic situations have passed through a crisis and remain stable. 

The BOK said the expiration of the deal will not have much impact on the country's foreign currency market in light of recent market conditions and improved liquidity. 

The BOK and the U.S. Federal Reserve signed the currency swap contract in March 2020 to help ease financial market jitters caused by the COVID-19 pandemic. The deal was extended three times.