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S.Korea forex official denies report of plans to inspect banks
June 10, 2014 / 5:52 AM / in 3 years

S.Korea forex official denies report of plans to inspect banks

SEOUL, June 10 (Reuters) - South Korea has no plans to inspect banks over foreign exchange trading but is looking into the surges in dollar/won trading near the end of the onshore session, a foreign exchange official told Reuters on Tuesday.

“The authorities are closely watching the pattern of deals for one direction (for the dollar/won) surging near the end of the session,” the official said. The finance ministry and central bank are in charge of foreign exchange policies.

“We see this pattern as a serious issue but do not consider carrying out inspection of banks regarding this,” the official said, denying a local media report. (Reporting by Lee Shin-hyung; Writing by Choonsik Yoo; Editing by Jacqueline Wong)

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