SEOUL, Feb. 10 (Korea Bizwire) — South Korea plans to raise the amount of foreign currency that can be transferred overseas without declaration of the source as early as June, the finance ministry said Friday. Under the plan, the country will allow people to transfer up to US$100,000 without documents, doubling the current limit of [...]
SEOUL, Jan. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea hit an all-time high in December, as corporate dollar savings increased, central bank data showed Wednesday. Residents’ outstanding foreign currency-denominated deposits had come to US$110.98 billion as of end-December, up $3.59 billion from the previous month, according to the data from [...]
SEOUL, July 23 (Korea Bizwire) — Foreign currency deposits at banks in South Korea shrank in June as importers paid bills and individuals sold the greenback amid a strong dollar, data showed on Friday. Residents’ outstanding foreign currency-denominated deposits had reached US$87.06 billion as of end-June, down $2.11 billion from the previous month, according to [...]
SEJONG, Nov. 2 (Korea Bizwire) – South Korea’s finance ministry said Monday it will allow people to exchange the Korean currency for foreign currency banknotes at convenience stores starting next year, as part of its efforts to ease regulations in the foreign exchange market. Under the move, people can ask banks to exchange the Korean [...]
SEOUL, Oct. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea fell in September from a month earlier as exporters decreased their deposits in U.S. dollars, central bank data showed Wednesday. Outstanding foreign currency deposits held by banks here reached US$63.66 billion at the end of September, down $3.48 billion from a [...]
SEOUL, Sep. 22 (Korea Bizwire) – More than a dozen business owners and family members of South Korea’s top conglomerates are under investigation for their possible violation of foreign exchange transaction rules, according to the local financial industry sources knowledgeable on the issue. South Korea’s Financial Supervisory Service (FSS) has launched a formal investigation into [...]