During a briefing later that day, Chief Presidential Secretary Kang Yoo-jung stated, "President Yoon met with Secretary Benset at the Blue House and noted that despite recent uncertainties, the economies of both countries are showing stability. He emphasized the need for close communication to strengthen economic cooperation between the two nations."
Kang added, "The President highlighted the necessity for cooperation in the foreign exchange market, and Secretary Benset agreed with the President's views, stating that both countries need to work closely together moving forward."
A currency swap refers to a foreign exchange transaction where two parties exchange different currencies at an agreed-upon exchange rate for a specified period.
South Korea has previously entered into currency swaps with the United States during the global financial crisis in 2008 and at the onset of the COVID-19 pandemic in 2020 to stabilize its foreign exchange market amid international financial instability.
Last year, the South Korean government also proposed a U.S.-Korea currency swap during tariff negotiations with the United States.
However, a Blue House official stated that they could not confirm the specifics of President Yoon's proposal regarding the currency swap.
* This article has been translated by AI.
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