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S. Korean gov’t decides not to publish forex market intervention data
2012.11.29 18:01:16 | 2012.11.30 09:11:34
The South Korean government decided not to publish data on its intervention in the foreign exchange (forex) market, resisting the pressure from the US Department of Treasury, which urges the Korean government to publicly disclose the data. The US department said it will continue to press the Korean authorities to commit to the publication of intervention data in its ‘Report to Congress on International Economic and Exchange Rate Policies’ released on November 27 (local time).

[S. Korean gov’t decides not to publish forex market intervention data] 기사의 본문 이미지

The Seoul authorities have concluded not to yield to the US pressure for releasing data on the fund size and timing of intervention in the forex market, said several senior officials of the Ministry of Strategy and Finance (MOSF) Thursday. Some developed countries including the US, Japan and nations in the eurozone publish data on their intervention in the forex market, according the International Monetary Fund (IMF). Such data have been provided on a monthly basis by Brazil, Chile, Russia, New Zealand, and on a daily basis by Mexico and Australia.

“The Korean government deems that the Korean currency won is in a unique situation that differs from those of the other countries,” said one of the officials. “Because the Korean forex market is relatively more volatile and Korea is the sole forex market for the won.”

[Written by Hyun-kyu Shin -Sun -ah Kim / edited by Soyoung Chung]

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