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S. Korea: BOK to Ban Foreign Currency Loans for Domestic Investment
Source Date: Thursday, June 24, 2010
Focus: ICT for MDGs, Internet Governance
Country: Korea (Republic of)
Created: Jun 28, 2010

The Bank of Korea plans to ban foreign currency loans by banks and financial institutions extended for the purpose of domestic investment. Starting July 1, financial bodies in Korea will only be able to get foreign currency loans for overseas use with the exception of investing in the nation's small and medium-sized manufacturers, which usually have difficulties in raising funds from abroad. The move is part of measures aimed at reducing excessive cross-border capital flow announced earlier this month amid increasing foreign currency loans due to the recovering global economy and the strengthening Korean won. The BOK says the regulation is expected to prevent a surge in foreign debt and potential uncertainties in the nation's financial market.
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