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FINANCIAL NEWS
South Korea unveils new financial measures
14 Jun 2010
(MENAFN) The South Korean government has unveiled comprehensive measures to ease the adverse impact of rapid capital flows on the local economy, including new rules to limit local and foreign banks? foreign exchange forward positions, Yonhap reported.
The steps, to be effective in July, were mostly in line with market expectations following a series of media reports recently, but came when the local financial markets shut during the weekend and only after government officials stayed tight lipped regarding the issue for weeks on fears that the news could lead to turmoil in the local financial markets.
The authorities have conducted stress tests to local and foreign banks ahead of the implementation of the measures, thus any shock will be minimized, Vice Minister of Strategy and Finance Yim Jong-yong told reporters in a press statement.
Asia?s fourth-largest economy has experienced a vicious circulation of rapid capital flows leading to financial instability and accordingly to a real economic downturn, it said.
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