ⓒ JoongAng Ilbo / JoongAng Ilbo Japanese version2022.09.24 09:39
The National Pension Service announced on the 23rd that it had agreed with the Bank of Korea (BOK) to carry out a currency swap transaction within the limit of 10 billion dollars.
The National Pension Fund Management Committee held its fifth committee meeting at the President Hotel in Seoul this followingnoon and decided to sign a currency swap agreement worth up to $10 billion with the Bank of Korea by the end of October, according to the Ministry of Health and Welfare. clarified.
After the contract is signed, if the National Pension needs foreign currency for overseas investment, instead of buying dollars in the foreign exchange market, it will invest in dollars held by the Bank of Korea. The National Pension will provide the corresponding Korean won to the Bank of Korea.
The maturity of each case will be set at 6 months or 12 months, which is longer than the currency swap maturity of general city banks, and the national pension can reduce transaction risks and costs, the Ministry of Health and Welfare explained. did.
The two sides signed a currency swap in 2005, but it was quickly dissolved during the 2008 currency crisis due to the Bank of Korea’s lack of foreign currency.
