South Korea’s Finance Ministry said Sunday it plans to let foreign financial institutions borrow the won through temporary overdraft arrangements and use won-denominated bonds as collateral in financial transactions. The measures form part of a broader policy push aimed at encouraging greater use of the Korean won and moving it from a restricted domestic currency toward a more global one. The announcement follows another recent market-opening step: starting July 6, South Korea extended trading hours in the dollar-won market to a 24-hour system. Together, the measures show Seoul continuing to loosen parts of its traditionally closed currency framework as it seeks wider international use of the won. The update was carried by Odaily, citing Jin10.
South Korea’s Finance Ministry said Sunday it plans to allow foreign financial institutions to borrow the Korean won through temporary overdraft arrangements and to use won-denominated bonds as collateral in financial transactions.
The ministry said the steps are part of incentive policies designed to encourage the use of the won, with the goal of shifting it from a restricted domestic currency to a more global one.
South Korea has also extended trading hours in the dollar-won market to a 24-hour system starting July 6, a move that points to the continued opening of the country’s long-closed currency market, according to Odaily, citing Jin10.
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