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Bank of Korea to change currency swap market regulation
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15:46, October 17, 2008

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South Korea's central bank announced Friday its plan to change current rules on foreign exchange swap market to boost dollar liquidity for local banks.

The new rules will allow the Bank of Korea (BOK) to trade directly with banks through competitive biddings in the won-dollar swap market.

Under current regulation, the BOK must first trade with intermediary banks, which then transact with local lenders.

"This new trading system is expected to help ease recent market jitters in the foreign currency market," the BOK said in a statement.

The central bank said that the first bidding will start from next Tuesday.

Local banks in South Korea are suffering from dollar shortage as the local currency declined roughly 30 percent against the U.S. dollar so far this year.

The central bank has pledged to continue providing U.S. dollars to the local swap market to help local banks to secure dollar liquidity.


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