S. Korea - UAE (Sylodium, Free international trade directory)

Korea - UAE

South Korea and the United Arab Emirates (UAE) signed a won-dirham currency swap deal on Sunday as part of their efforts to settle payments for bilateral trade with their own currencies instead of the U.S. dollar.

Central banks of the two countries agreed to set up a new swap line with their own currencies worth 5.8 trillion won (20 billion dirham or 5.4 billion U.S. dollars) to support trade settlement between Seoul and Abu Dhabi, the Bank of Korea (BOK) said in a statement.

UAE is South Korea's fifth-largest oil exporter, with Seoul's crude imports from the Middle Eastern country taking up 9.3 percent of the total in 2012. Seoul's imports from Abu Dhabi reached 15.1 billion dollars, accounting for 2.9 percent of the total.   


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