Choo Kyung-ho, Minister of Finance, first from the best, waits for President Yoon Suk Yeol’s speech on the World Financial Forun in Davos, Switzerland, on Thursday. [YONHAP]
Korean Finance Minister Choo Kyung-ho reaffirmed his name to revamp native monetary guidelines to satisfy “world requirements” and entice extra international traders, the finance ministry stated Friday.
Choo made the comment throughout a session co-hosted by the World Financial Discussion board in Davos, Switzerland, on Thursday, underscoring the significance of constructing an investor-friendly market setting, in response to the Ministry of Financial system and Finance.
To this finish, Choo stated Korea will search to abolish the registration system for foreigners, through which they’re required to file private data to the Monetary Supervisory Service earlier than buying listed Korean shares.
Korea may also contemplate extending its foreign-exchange buying and selling hours, the finance minister stated.
At the moment, Korean securities and international alternate markets run from 9:00 a.m. to three:30 p.m. Earlier this month, the finance minister hinted the buying and selling hours may very well be prolonged to 2:00 a.m., starting as early because the second half of 2024.
Choo stated Korea may also make efforts to change into included within the World Authorities Bond Index (WGBI) as nicely.
The WGBI, operated by FTSE Russell, is a broad index designed to measure the efficiency of presidency bond markets, together with native currencies and sovereign bonds of main superior nations.
Choo met Lieve Mostrey, the top of Euroclear, a significant worldwide central securities depository, to debate potential cooperation amid Korea’s efforts to be included within the WGBI.
Choo stated Korea maintains sturdy fundamentals and is able to coping with difficult exterior situations.
The finance minister prompt that Asia’s No. 4 financial system is predicted to publish an annual present account surplus of 24 trillion gained ($20 billion) for this yr.
Yonhap