The Reserve Bank of Australia (RBA) and the Bank of Korea renewed and expanded their bilateral local currency swap deal on February 6.

The initial deal was signed in 2014 and both institutions have renewed it every three years. The renewal contains broadly the same conditions as before and will expire in 2023, when it should be renewed once more with the consent of both institutions.

“This agreement is designed to promote bilateral trade for the economic development of the two countries, to