Finance ministry / Bank of Korea joint statement:
South Korea to ease FX regulations to improve liquidity conditionsHere we go, more, via Reuters:
"Strict regulations restrain the efficiency of foreign exchange management, and there is a need to take into account worsened foreign exchange liquidity conditions after recent events," ceiling of foreign exchange futures contracts will be raised to 75% of capital holdings for local banks and 375% for Seoul branches of foreign banks, from the current 50% and 250%, respectively.measures also include allowing companies to take out loans in foreign currencies and exchange the funds for the won, if they are used for investing in facilities such as equipment, property and land purchases. ministry said it would implement the measures in a swift manner and consider expanding them after reviewing the effects. This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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