SEOUL, Oct. 9 (Xinhua) -- South Korea and Japan agreed on Tuesday not to extend the bilateral currency swap arrangement, reducing the deal between the two countries to the pre-crisis level of 13 billion dollars.
According to an e-mailed statement by Bank of Korea (BOK), the authorities from both countries agreed on the expiration of the temporary measure to expand the bilateral currency swap arrangement as of October 31, as scheduled.
The closing of the temporary swap expansion arrangement will reduce the bilateral swap volume from 70 billion dollars to 13 billion dollars, among which 3 billion dollars will be the won-yen swap agreement between the BOK and the Bank of Japan (BOJ) and 10 billion dollars will be won-dollar swap arrangement under the Chiang Mai Initiative (CMI).
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