A person passes by a currency exchange counter in Jung district, Seoul, Sept. 29, 2022. Yonhap
The Bank of Korea (BOK) said Tuesday that it will pick local banks qualified for inter-foreign currency trading with the central bank ahead of extended currency trading hours slated for July.
According to the BOK, it will pick local banks that are also registered foreign institutions (RFIs) for inter-foreign currency trading, such as dollar-euro trading and dollar-yen trading.
The BOK has been involving inter-foreign currency trading with global financial institutions headquartered in Singapore and London.
So far, KB Bank, Hana Bank and Korea Development Bank have completed the process to become RFIs, according to the central bank.
The move came as the country has been preparing to extend the operating hours of its currency market, which currently runs for six and half an hour (9 a.m. to 3:30 p.m.), to 17 hours, closing at 2 a.m. the following day instead, starting in July.
South Korea has been making efforts to lift regulations and invite more foreign participants to the local foreign exchange market in line with efforts to attract more investment from overseas. (Yonhap)
