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BOK to Offer $ 12 Billion to Banks Using Fed Currency Exchange Line

 


Pedestrians cross a road in front of the entrance to the Bank of Korea Museum (BOK) at the central bank headquarters in Seoul.

Photographer: Jean Chung / Bloomberg

The Bank of Korea will provide $ 12 billion to banks in its first round of dollar injections using a currency swap line with the Federal Reserve.

The auction will take place Tuesday at 10 a.m. Seoul time, and banks can apply for a 7-day debt Until $ 300 millionand a debt of 84 days Until $ 1.5 billion, said the central bank in a statement. The minimum bid rate will be decided on Monday.

The supply of funds should help stabilize the markets, and the central bank will hold more auctions given the demand for dollars in the market, the statement said. the $ 12 billion The supplement should be enough to meet market demand for the time being, the central bank said.

On March 19, the BOK agreed to a $ 60 billion swap line with the Fed because the spread of the coronavirus and the fall in oil prices led to a rush for paradise and the dollar, leading to a shortage of green paper and a fall in the local currency. The central bank last week said it would supply dollars to the dose market using the swap line with the Fed, with the first injection cycle being considerably larger than the rest.

– With the help of Kanga Kong

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