ID :
19970
Wed, 09/17/2008 - 14:28
Auther :
Shortlink :
http://m.oananews.org//node/19970
The shortlink copeid
S. Korea has enough foreign reserves to provide necessary liquidity
SEOUL, Sept. 17 (Yonhap) -- South Korea has ample foreign reserves to provide liquidity to the market at the "right time" as it faces the shockwaves unleashed by the collapse of global investment giant Lehman Brothers, Vice Finance Minister Kim Dong-soo said Wednesday.
The comment made during a radio interview comes after the local financial markets
were rattled on news that Lehman, once the fourth-largest investment bank in the
U.S., filed for bankruptcy protection and another struggling investment giant,
Merrill Lynch, will be taken over by the Bank of America.
On Tuesday, the stock benchmark KOSPI nosedived 6.1 percent to 1,387.75 as
foreign investors pulled their money out of local markets. The won ended at 1,160
won to the dollar, down 50.9 won from Friday's close, marking the lowest in 49
months.
The comment made during a radio interview comes after the local financial markets
were rattled on news that Lehman, once the fourth-largest investment bank in the
U.S., filed for bankruptcy protection and another struggling investment giant,
Merrill Lynch, will be taken over by the Bank of America.
On Tuesday, the stock benchmark KOSPI nosedived 6.1 percent to 1,387.75 as
foreign investors pulled their money out of local markets. The won ended at 1,160
won to the dollar, down 50.9 won from Friday's close, marking the lowest in 49
months.
