ID :
21413
Fri, 09/26/2008 - 11:49
Auther :
Shortlink :
http://m.oananews.org//node/21413
The shortlink copeid
S. Korea to provide US$10 bln to stabilize currency swap market
SEOUL, Sept. 26 (Yonhap) -- South Korea's Finance Ministry said Friday that it will provide at least $10 billion into the local currency swap market in an effort to calm market turmoil after the collapse of U.S. investment bank Lehman Brothers Holdings Inc. and provide more liquidity to tackle capital shortage.
"Since the U.S. financial turbulence, the hardest-hit area here is the foreign
currency market. We have decided to supply dollars there by using the nation's
foreign-exchange stabilization fund," Choi Jong-ku, head of the ministry's
international financial bureau, told reporters. "The amount will be at least $10
billion and it will be supplied to the market from this month until earlier next
month. If necessary, there will more dollar supply down the road."
kokobj@yna.co.kr
(END)
"Since the U.S. financial turbulence, the hardest-hit area here is the foreign
currency market. We have decided to supply dollars there by using the nation's
foreign-exchange stabilization fund," Choi Jong-ku, head of the ministry's
international financial bureau, told reporters. "The amount will be at least $10
billion and it will be supplied to the market from this month until earlier next
month. If necessary, there will more dollar supply down the road."
kokobj@yna.co.kr
(END)
