EXCLUSIVE: South Korea to announce on Wednesday measures to ease dollar funding shortages in its local market - officials
SEOUL - South Korea will announce measures on Wednesday to ease dollar funding shortages in its local market, two government officials familiar with the matter told Reuters.
The measures will aim to address heightened funding stress involved with the increased cost of raising U.S. dollar funds in Korean financial markets, officials said on Tuesday, without elaborating. “Measures to ease the funding stress will be released tomorrow,” the official said on Tuesday, adding that it will involve an operation that will be co-ordinated with the Bank of Korea.
The premium Korean investors were paying to swap their won into dollars hit 269 points on Tuesday KRWCBS1Y=, a record high according to Refinitiv data, suggesting increased demand for the U.S. currency in local financial markets.
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