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S. Korea: Anti-Speculation Regulations for Banks Take Effect
Source: chosun.com
Source Date: Friday, July 02, 2010
Focus: ICT for MDGs
Country: Korea (Republic of)
Created: Jul 05, 2010

Banks are restricted from speculative investment in the nation's foreign exchange market under new regulations put into effect on Thursday.

The Finance Ministry and the Bank of Korea said on the day that banks are now obligated to hold more than a certain ratio of foreign currency funds against their foreign currency loans, and take into account the kinds of funds they possess.

Banks are also required to hold spare foreign assets that amount to at least 2 percent of their total foreign currency funds or keep them afloat for at least two months.

Regulations on Korean branches of foreign banks will also be implemented within this month.

Finance officials say they will keep close watch for any possible negative effects of the measures in the foreign exchange market.
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