Banking: Central Bank of The Philippines and the Bank Of Korea sign currency swap arrangement

The Central Bank of The Philippines and the Bank Of Korea, have signed a new bilateral swap arrangement (BSA), under which the two central banks can swap a total of 1.5 billion dollars in their respective currencies for balance-of-payments or short-term-liquidity support.

The new arrangement replaces a previous three-year agreement between the two central banks worth 1.0 billion dollars, which was signed in 2002.