<Anchor>

Friday's friendly economy, reporter Kwon Aeri. Reporter Kwon, Hanmi signed a currency swap last night (19th). It was said to be about 77 trillion won in Korean money, but how about that in terms of dollar liquidity? Is it possible to sigh?

<Reporter>

Yes. It's actually going to help, and it's a symbolic action. I'm glad to be able to deliver the news with peace of mind long after the weekend.

It's literally the news of a dollar drought concern, one of the most worrying issues in our financial markets right now.

The anxiety that the exchange rate could skyrocket uncontrollably increased until yesterday evening, but it seems to help stabilize the market.

At 10 o'clock last night, the two countries signed a bilateral currency swap worth US $ 60 billion. The current exchange rate is a whopping 77 trillion won.

What is a currency swap and why is this so good news? In a word, it is like having a stable dollar minus account in Korea last night. This is a minus passbook with a limit of $ 60 billion.

South Korea is running out of dollars, it keeps coming out, the economic crisis is coming, so investors throw the won and take the dollar out? Just take out and spend $ 60 billion on this minus account.

Swap It's an English word that means 'switch to each other, exchange'. Literally, if you entrust our won to the United States at the promised exchange rate, you have a deal signed that will bring you that dollar anytime.

The deadline is once 6 months, at least until September 19th. It is 15% of our foreign exchange reserves, which is now worth 400 billion dollars.

Foreign exchange reserves of $ 400 billion, a record high in numbers, but the growing concern over the global economic crisis, as it is now, is becoming more and more of a concern. I got there.

<Anchor>

According to reporter Kwon, it seems to be a very important news.

<Reporter>

Yes. There is an atmosphere in which the United States is moving very quickly as it becomes a crisis.

It's an extraordinary measure that seems to take into account that the global economic crisis can come, and if the problem breaks down in a poorly connected global market, the streaks can all be affected like dominoes.

The Federal Reserve Board, the central bank of the United States, said yesterday that it has signed this currency swap agreement with not only us but also nine countries at once.

It is worth $ 60 billion from Korea, Australia, Brazil, Mexico, Singapore and Sweden, and $ 30 billion from Denmark, Norway and New Zealand. The period is the same.

In addition to these countries, the U.S. originally had currency swaps with Europe and the United Kingdom, Japan, Canada, and Switzerland, so in fact, the world's major open economies, most of the major open economies with many U.S. Treasuries, and the dollar yesterday. I have a currency swap.

Most of the major open economies, except China, where the financial markets are virtually unopened, and the Chinese line, Taiwan and Hong Kong, are now in place.

It is a matter to be watched in the future that the Chinese line, which was considered to be an urgent country for the United States to have a currency swap with Korea in the United States, is missing.

China is also facing an exchange rate crisis because of the rush of dollar to the dollar, and I think we should look at the impact of the exclusion from the currency swap on the market in the future.

Anyway, the countries that signed the currency swap with the US sighed. There seems to be some stability message to the global market by signing this contract.

<Anchor>

I'm curious as to what kind of stability you will bring, even after the financial crisis, the market has stabilized.

<Reporter>

Yes. That was the first time we had a currency swap with the United States, and this is the second time, at the end of October 2008, in the midst of the financial crisis.

From the time I signed the currency swap at that time, my anxiety about worrying about running out of dollars disappeared.

It is believed that the won-dollar exchange rate, which had soared at the time, was an important trigger for stability. From today's exchange rate, I think I can be more stable than yesterday.

Corona 19's anxiety about the economic crisis doesn't alleviate itself, but we can say that concerns about the dollar drought and the dollar shortage, one of the first problems we face in the current situation, will have a significant sedative effect. .