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S. Korea to Further Tighten Banks' Handling of Currency Forwards  Join our daily free Newsletter

MENAFN - Qatar News Agency - 28/11/2012

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(MENAFN - Qatar News Agency) South Korea said Tuesday it will lower the ceiling of foreign exchange forward positions held by local and foreign banks by 25% in a bid to curb the volatility of cross-border capital flows.

The move will restrict local branches of foreign banks from holding currency forward deals to 150% of their equity capital from the current 200%. The ceiling for domestic banks will be lowered to 30% from 40%, the government said. The move will fully take effect starting on Jan. 1, according to South Korea's (Yonhap) News Agency.

The move came as the Bank of Korea and the Financial Supervisory Service wrapped up an inspection of local banks' handling of foreign exchange forward positions amid the local currency's ascending trend.

 






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