“Active support for domestic financial institutions to maintain leadership in the foreign exchange market”
(Sejong = Yonhap Infomax) Correspondent Wook Choi = Deputy Prime Minister and Minister of Strategy and Finance Chu Kyung-ho said, “We will make sure that the plan to improve the structure of the foreign exchange market announced on the 7th does not become a reality during the implementation process.”
Deputy Prime Minister Chu said at the Economic Regulatory Innovation Task Force (TF) meeting held at the Seoul Government Complex on the 10th, “We will actively support domestic financial institutions to maintain their leadership in the market and acquire global competitiveness.”
Regarding the reform of the foreign exchange system, which was the agenda of the meeting, he said, “We will promote the effect of improving regulations early by promoting tasks that are close to people’s lives and friendly to business investment.”
He said, “We will take into consideration that the reform of the foreign exchange system requires a comprehensive improvement of the practice that has been established for decades.”
Through this reform of the foreign exchange system, the government will expand the limit of capital transaction pre-report exemption and the limit of overseas remittances that do not require proof from $50,000 to $100,000 per year.
In addition, the number of types of capital transactions that require pre-reporting to banks before transactions will be drastically reduced from the current 111 to 65.
The scope of foreign exchange business of large securities companies will also be expanded, such as allowing all comprehensive financial investment companies to exchange customer exchange services.
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