Australia and South Korea extended their bilateral currency swap deal for another three years on Wednesday.
The Reserve Bank of Australia and the Bank of Korea signed the agreement allowing for the exchange of local currencies between the two central banks of up to A$10 billion or KRW 9 trillion.
The swap agreement was initially signed in 2014.
The new agreement is designed to promote bilateral trade for the economic development of the two countries, to enhance financial stability and for other, mutually agreed, purposes, the bank said in a joint statement.
The agreement will ensure that trade between the two countries can continue to be settled in local currency even in times of financial stress.
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