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Bank of Korea to supply $3 bln to local banks
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11:20, January 19, 2009

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· U.S. financial crisis triggered global turmoil
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South Korea's central bank announced Monday its plan to provide 3 billion U.S. dollars to local banks suffering from a dollar liquidity crunch amid ongoing global financial turmoil.

The central bank said the money will be supplies through an auction on Tuesday and the loans will mature in 84 days.

The Bank of Korea (BOK) said the money is part of a 30 billion U.S. dollars currency swap agreement signed between BOK and U.S. Federal Reserve in late October.

The move comes amid growing concerns about South Korea's falling foreign exchange reserves.

The country's foreign reserves -- which totaled 201.22 billion U.S. dollars as of the end of December -- fell for eight straight months in 2008, before slightly rising last month.

The central bank has tapped 13.35 billion U.S. dollars out of the swap line so far.


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