AsianFin – South Korea and the United States have reached a foreign exchange agreement, with an official announcement expected shortly, South Korean Finance Minister Koo Yun-cheol said Saturday night.

Speaking to reporters at Incheon International Airport, Koo provided few details about the deal, leaving its specific terms unclear.

Yonhap News Agency reported, citing an unnamed finance ministry official, that the agreement is separate from any potential currency swap linked to bilateral negotiations over U.S. tariffs on South Korean goods.

Finance Minister Koo added that during talks in New York on Wednesday, South Korean President Lee Jae-myung told U.S. Treasury Secretary Scott Bessent that the country requires a foreign exchange swap to support the $350 billion investment pledged to the U.S. as part of the tariff discussions.