17.02.2015 - Japan, South Korea to Let Currency Swap Program Expire
Japan and South Korea on Monday said that they will let their 14-year-old currency swap arrangement expire this month. The currency-swap program was established in 2001 to enable each nation secure dollars from the other in exchange for their own currency during financial emergencies. Viewed as a symbol of economic cooperation in East Asia, it had grown to as much as $70 billion at its peak, but has shrunk to $10 billion in recent years as the relationship between the two neighbors grew chilly. Officials from the two countries said that the decision to end the program when it expires on Feb. 23 was based on financial and economic considerations, rather than political tensions...............................................Full Article: Source
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