19 March 2020 – Announced currency swap with the United States

This item is sourced from COVID-19 Policy Watch co-ordinated by Policy. We are in the process of gathering further information and aligning taxonomies for these items.

Type of Intervention: Financial markets and monetary policy
Sectors Involved:
Level of Jurisdiction: National
Lead People/Agency:

Overview: The Bank of Korea announced a currency swap with the United States Federal Reserve, injecting US$ 60 billion in U.S. banknotes into Korea’s foreign exchange markets.

The move is aimed to address dollar shortages following a devaluation of the Korean won in March.
Full details here: http://www.bok.or.kr/portal/bbs/B0000306/view.do?nttId=10057313&menuNo=201062&pageIndex=2