Strategy and Finance Minister Kang Man - soo stated that talks for currency swap arrangements were carried out with the United States , though the amount hasn ’ t been specified . He also mentioned that the maturity of foreign currency debt at domestic financial institutions is being a 100 percent extended . He went on to express confidence that , “ There are no chances of a bank run in Korea . ” Kang made such remarks at a gathering with local foreign correspondents during his visit to Washington to attend the annual assembly of the International Monetary Fund ( IMF ) on Saturday ( local time ) . In regards to measures led by the U . S . to control the financial crisis , he said , “ Being centered solely on G 7 nations will not help in solving the problem . ” He explained , “ It was discussed with the U . S . that countries besides the G 7 also need to work together in not only currency swaps but other comprehensive cooperative measures as well . ” Following the recent financial crisis , U . S . increased its currency swap authorization limit for foreign central banks to $ 620 billion via the Federal Reserve Bank ( FRB ) . Kang acknowledged that currency swaps will be able to assist psychological and market stability . However , “ ( Securing dollar liquidity ) is at a level that can be solved on our own so asking for currency swap arrangements may lead to misunderstandings , ” he said . “ It was discussed with the U . S . that currency swaps should also be extended to other countries aside from the G 7 . ” He stressed that , “ Although it is unclear how long the current financial crisis will persist , it may continue on for around six months and therefore international cooperation is extremely important . ” “ World - wide cooperation is important , but cooperation among Asian countries is important as well , ” said Kang . “ A Korea - Japan finance ministers ’ meeting will be held here , while a meeting with Chinese finance minister , who did not attend the IMF annual assembly , is set to be held in Beijing , ” he said . Regarding trends in the foreign exchange market , Kang said , “ When looking at Korea ’ s foreign currency reserves and foreign debt structure , it is of a standard that can be well - managed even in the worst circumstances . ” He also claimed , “ The exchange range plummeted over the last two days last week , but it will show a more stable run starting Monday . ” “ Banks are reassured as we have informed them that the government will provide 100 percent back up for emergency loans so they should not take excessive measures when they cannot borrow from the global financial market , ” said Kang . “ Loan maturities that cannot be extended will be subsidized with foreign currency reserves , ” he said . [ Eun - young Sa / JYJ ] [ ⓒ Maeil Business Newspaper & mk . co . kr , All rights reserved ]