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S Korea's central bank extends $1.2 bln loans to local banks
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19:06, August 11, 2009

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South Korea's central bank said Tuesday it extended loans worth 1.2 billion U.S. dollars to local banks in a bid to help them secure foreign currency liquidity.

According to the Bank of Korea (BOK), it tapped the money of a 30 billion-U.S. dollar currency swap line with the U.S. Federal Reserve, auctioning it off to eight local lenders.

The 84-day loans were given out at an average interest rate of some 0.9 percent, the BOK added.

Between December-January, the central bank extended a total of 16.35 billion U.S. dollars to the banking sector as lenders went through foreign liquidity squeeze amid a financial slump.

Source: Xinhua

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