South Korea’s finance ministry said on Monday that the country will allow registered foreign institutions (RFIs) to participate in the foreign exchange market next month.
The revised enforcement decree of the foreign exchange transaction act was passed in the cabinet meeting to allow the RFIs, such as offshore banks and securities firms, to take a direct part in the inter-bank foreign exchange market from Oct. 4, according to the Ministry of Economy and Finance.
Under the previous act, the local foreign exchange market had been opened to domestic financial institutions and foreign institutions with a South Korean branch.—Xinhua
