South Korea to ease some controls on foreign debt
[SEOUL] South Korea plans to ease some controls on overseas borrowing by financial firms, a vice finance minister said on Friday, a step seen as part of its preparations for anticipated US interest rate hikes.
Vice Finance Minister Joo Hyung-hwan said during a meeting of senior economy and finance officials that foreign-currency debt with maturities longer than one year would now be excluded from a bank levy rule introduced in 2011.
Mr Joo also said the debt levy system would instead be expanded to include credit firms, brokerages and insurers. The system currently applies to banks.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
US consumer sentiment falls as inflation expectations climb
HSBC wins £1.3 billion suit over Disney film finance scandal
WTO countries to reboot dispute reform negotiations