South Korea eyes additional fx measures

SEOUL (BestGrowthStock) – South Korea plans to lower eventually the ceiling on currency derivates positions at branches of foreign banks, bringing them to the level for domestic banks, a senior finance ministry official said on Tuesday.

Kim Ik-joo, head of the ministry’s international finance bureau, told Reuters the government wants to lower the ceiling to 50 percent of equity capital for foreign bank branches — the same as one set for domestic banks — from the current 250 percent.

But he said no decision has been made on details such as timing.

South Korean authorities announced the ceilings on June 13.

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(Reporting by Lee Shin-hyung; Writing by Yoo Choonsik; Editing by Tomasz Janowski)

South Korea eyes additional fx measures