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
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’