BOK not reviewing currency swap with US Treasury: governor

Korea's central bank has not discussed a currency swap with the U.S. Treasury Department as a breakthrough for the prolonged tariff talks with Washington, Bank of Korea (BOK) Gov. Rhee Chang-yong said Monday. Rhee made the remarks during a parliamentary audit in Seoul, responding to suggestions that a currency swap could help finalize the tariff deal, including how to fund Korea's $350 billion investment commitment. "The BOK has not considered a currency swap with the U.S. Treasury," Rhee said. "It seems there are references to cases like Argentina, but currency swaps between central banks are intended for short-term liquidity purposes, not for long-term purposes." Rhee added that whether a direct swap between the BOK and the U.S. Treasury Department is even legally possible needs to be examined, and any swap with the U.S. Treasury's Exchange Stabilization Fund would require the Korean government to act as the counter party, not the BOK. In July, Korea and the United States reached a framework deal in which Washington would impose a 15 percent tariff on Korean goods, rather than the initWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times