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S. Korea, Japan end swap deal as planned

11-01-2012 11:02 BJT

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As planned, South Korea and Japan have let a bilateral currency swap arrangement expire at the end of this month.

South Korea’s central bank said the decision came as IT sees the domestic and international financial markets as gradually improving and given the fact that the world’s major ratings agencies upgraded the country’s credit rating recently.

The statement also said Seoul and Tokyo will now revert back to a swap contract of 13 billion U.S. dollars from 70 billion dollars previously.

The move comes at a time when South Korea and Japan are locked in their own row over an islands dispute, but, Japan’s finance minister Koriki Jojima said the end of the swap arrangement has nothing to do with political reasons.

 

Editor:Zhang Rui |Source: CCTV.com

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