Economics
South Korea to Streamline FX Rules to Curb Market Imbalances
- President Choi seeks measures to rationalize FX regulations
- FX imbalance due to expansion in overseas investment: Choi
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South Korea’s Acting President Choi Sang-mok ordered the authorities to prepare measures to streamline regulations on foreign-exchange flows as overseas investment grows, in the latest effort to reform a currency market crucial to the nation’s economic stability.
He instructed “additional measures be swiftly prepared to rationalize regulations related to foreign currency inflows and outflows” during a regular consultation Friday with Bank of Korea Governor Rhee Chang-yong and other financial policymakers, the Finance Ministry said in a statement.