Seoul studies independent sanction clause while amending FX trade law
이 글자크기로 변경됩니다.
(예시) 가장 빠른 뉴스가 있고 다양한 정보, 쌍방향 소통이 숨쉬는 다음뉴스를 만나보세요. 다음뉴스는 국내외 주요이슈와 실시간 속보, 문화생활 및 다양한 분야의 뉴스를 입체적으로 전달하고 있습니다.
According to the Ministry of Economy and Finance on Monday, the government has been examining financial sanctions clause while amending the Foreign Exchange Transactions Act.
Seoul can restrict FX trade for compliance with domestic and international rules and endeavors for global peace and security.
It can join international actions such as UN Security Council resolution, but does not have legal basis for independent sanctions.
Seoul is examining to add a provision or revise existing ones to enable independent sanctions when necessary for economic security that also can come handy as diplomatic weapon.
Economic security has become a policy strived by many countries around the world amid rapid change in global order due to U.S.-China conflict, supply uncertainty from Covid-19, and Russia¡¯s war with Ukraine.
The Korean government will study various options and amendments in the foreign exchange transactions act until the end of the year.
The centerpiece of the new act would be easing in documental report for capital transactions. The government is mulling easing rules on overseas transfers and conditions when investing overseas. It is also discussing whether to include new payment methods such as cryptocurrencies to the overall system.
The Korean government will extend foreign exchange operating hours and enable foreign financial institutions to trade FX in Korea.
Last month, the government outlined to extend foreign exchange market foreign hours to 2 a.m., Korean time, which is when the market in London closes. It is planning to operate around the clock afterwards.
The easing however could add more volatility to the won already at its weakest since 2009 against the U.S. dollar.
[¨Ï Maeil Business Newspaper & mk.co.kr, All rights reserved]
Copyright © 매일경제 & mk.co.kr. 무단 전재, 재배포 및 AI학습 이용 금지
- Korean shipyards at order heyday cannot keep up due to labor shortage - Pulse by Maeil Business News Korea
- Korean pharmas racing for first-in-class title in Korea - Pulse by Maeil Business News Korea
- Two-way race for Korean recycling giant EMK as deal loses appeal - Pulse by Maeil Business News Korea
- Hyundai Motor unites control system R&D force to enhance soft power in future mobility - Pulse by Maeil Business News Korea
- Seoul waive minimum margin in emergency measures to stop Kospi freefall - Pulse by Maeil Business News Korea
- 강경준, 상간남 피소…사랑꾼 이미지 타격 [MK픽] - 스타투데이
- HBM 전쟁 2라운드도 SK하이닉스 ‘선공’ [반도체의 겨울? Say, No]
- ‘NCT 퇴출’ 태일, 특수준강간 혐의...SM “조사 중인 사안” [공식] - MK스포츠
- 이찬원, 이태원 참사에 "노래 못해요" 했다가 봉변 당했다 - 스타투데이
- 양희은·양희경 자매, 오늘(4일) 모친상 - 스타투데이