[Photo] South Korea and Switzerland agree to currency swap

The Bank of Korea announced that it had concluded a foreign currency swap worth up to 11.2 trillon won ($10.4 billion) with Switzerland on Feb. 20. The move helps to increase the financial stability of the Korean economy as it faces the threat of protectionist tariffs on a wide spectrum of products from the Trump administration. Bank of Korea Governor Lee Ju-yeol, pictured shaking hands with Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, told reporters that, “this deal was possible due to awareness that South Korea’s economy is strong and its foreign exchange and financial markets are safe.”