The first case of third-party foreign exchange transaction of won was carried out between Kookmin Bank's Singapore branch and Deutsche Bank's London branch, in a swap contract of about 30 billion won on May 10, South Korea's foreign exchange authorities said on Thursday. The transaction was settled on May 14.
In February, South Korea's foreign exchange authorities said they planned to ease regulations to make it easier for investors to transfer won between Korean bank accounts and allow foreign investors to use overdraft accounts to prevent settlement glitches. "Many think third-party foreign exchange transactions are not accessible in the Korean foreign exchange market, but it is meaningful that the first case is conducted, which will lead to more cases," a foreign exchange official said.
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