South Korea has put pen to paper on a bilateral currency swap agreement with Switzerland.
The Bank of Korea says its governor Lee Ju-yeol and the chairman of the Swiss National Bank Thomas Jordan formally signed the ten-point-six billion U.S. dollar agreement in Zurich on Tuesday.
The three-year deal will allow Korean won and Swiss franc to be purchased and repurchased between the two central banks up to the ten-point-six billion dollar limit.
The two banking chiefs expressed hope to further intensify bilateral cooperation in various other sectors through the deal.
Experts say the agreement with Switzerland will help stabilize South Korea's financial market and raise its global credibility.