Bank of Korea

Banks Urged to Comply With New Controls Over Capital by BOK

Banks Urged to Comply With New Controls Over Capital by BOK

Commercial banks on Wednesday were urged by the central bank of South Korea to comply with the capital controls announced last week by the government. This is aimed at making the financial system more stable during those times when the capital flows go through abrupt changes. The lending of foreign currency to domestic companies by banks, from July 1st will be limited to overseas transactions payment, according to the Bank of Korea.