The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Senior US general warns of possible looming war with China

  • 3

    BLACKPINK sets 6 more Guinness records

  • 5

    Jang Keun-suk steps out of his comfort zone with 'The Bait'

  • 7

    ENA's new dating show to spotlight young adult's romance

  • 9

    Cabinet ministries turn deaf ear to watchdog's advice on sexual minorities

  • 11

    Seoul to work with Hanoi to pursue peace on Korean peninsula

  • 13

    Korea's rice consumption hits another low in 2022: data

  • 15

    To speak Korean

  • 17

    SK E&S retains gov't support for Barossa gas project in Australia

  • 19

    Indonesia celebrates 50th anniversary of diplomatic ties with Korea via virtual event

  • 2

    People attempt to cut surging heating costs with creative solutions

  • 4

    National pension anticipated to be fully drained in 2055: NPS

  • 6

    TXT brings together 'pansori' and fairy tale in new song 'Sugar Rush Ride'

  • 8

    Bad weather disrupts operation of Jeju airport again after 3 days

  • 10

    More Korean manufacturers enjoy Georgia's hospitality

  • 12

    Superintendent of Seoul Education Office gets suspended jail term

  • 14

    Opposition leader Lee claims innocence in corruption probe

  • 16

    Police to build disaster prediction system to prevent recurrence of Itaewon tragedy

  • 18

    12 websites still unavailable after Chinese cyberattacks

  • 20

    LGES to capitalize on US IRA, Tesla partnership to continue record earnings

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, January 29, 2023 | 13:48
Economy
FSS to establish hotlines with banks to monitor foreign liquidity
Posted : 2022-09-06 16:50
Updated : 2022-09-07 16:50
Anna J. Park
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
The headquarters of the Financial Supervisory Service located on Yeouido, Seoul / Yonhap
The headquarters of the Financial Supervisory Service located on Yeouido, Seoul / Yonhap

By Anna J. Park

As the won-dollar foreign exchange rate continues to skyrocket, the Financial Supervisory Service (FSS) has decided to monitor local banks as well as the local operations of foreign banks for their preparations in foreign reserves.

The FSS held a meeting, Tuesday, with local major commercial banks and foreign banks' Seoul operations, including JPMorgan, Deutsche and BNP Paribas, to discuss their contingency plans amid the increased volatility in the market.

In their discussion about the current market situation, the participants said that current foreign reserves and foreign currency swap markets in the country are estimated to remain stable, unlike the situation witnessed back in 2008 during the global financial crisis. Yet, they expressed concerns that the dollar's strength is likely to continue, given that the current foreign exchange rate reflects externally unfavorable economic factors, such as the global recessional cycle and the reduction of global trade. The won-dollar exchange rate closed at 1,373.5, Tuesday, up 1.5 won from the previous day. The Korean won has been slumping against the U.S. dollar to its lowest level in more than 13 years, as global liquidity is seeking safer assets following signs from the U.S. Federal Reserve of further hawkish monetary tightening. ?

The financial authority said that they're planning to proactively respond to the market, as it closely monitors the situation of foreign liquidity to maintain it at a stable level. The FSS also plans to establish communication hotlines with local banks and foreign banks' local branches to increase the level of cooperation between them.


Emailannajpark@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1People attempt to cut surging heating costs with creative solutions People attempt to cut surging heating costs with creative solutions
2Cabinet ministries turn deaf ear to watchdog's advice on sexual minorities Cabinet ministries turn deaf ear to watchdog's advice on sexual minorities
3More Korean manufacturers enjoy Georgia's hospitality More Korean manufacturers enjoy Georgia's hospitality
4Seoul to work with Hanoi to pursue peace on Korean peninsula Seoul to work with Hanoi to pursue peace on Korean peninsula
5Superintendent of Seoul Education Office gets suspended jail term Superintendent of Seoul Education Office gets suspended jail term
6SK E&S retains gov't support for Barossa gas project in Australia SK E&S retains gov't support for Barossa gas project in Australia
7Indonesia celebrates 50th anniversary of diplomatic ties with Korea via virtual event Indonesia celebrates 50th anniversary of diplomatic ties with Korea via virtual event
8LGES to capitalize on US IRA, Tesla partnership to continue record earnings LGES to capitalize on US IRA, Tesla partnership to continue record earnings
9Cambodian ministers highlight potential for growth, cooperation Cambodian ministers highlight potential for growth, cooperation
10KT&G aims to become global top-tier company KT&G aims to become global top-tier company
Top 5 Entertainment News
1BLACKPINK sets 6 more Guinness records BLACKPINK sets 6 more Guinness records
2Jang Keun-suk steps out of his comfort zone with 'The Bait' Jang Keun-suk steps out of his comfort zone with 'The Bait'
3TXT brings together 'pansori' and fairy tale in new song 'Sugar Rush Ride' TXT brings together 'pansori' and fairy tale in new song 'Sugar Rush Ride'
4Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film
5ENA's new dating show to spotlight young adult's romance ENA's new dating show to spotlight young adult's romance
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

wooribank
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group