South Korea to Monitor Financial Currency Due To Western Volatility

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Given the increasing market volatility coming from the uncertain economy in Europe and the United States, South Korea said it will monitor foreign currency liquidity conditions and capital flows.

"We plan to monitor banks' foreign currency conditions and bolster daily monitoring of foreign investors' trading trends and signs of capital outflow," said Kwon Hyouk-se from the Financial Supervisory Service (FSS).

In the past month, Korea’s currency has declined by 10% against the US dollar, which has made the South Korean bank take appropriate steps to stem the fall. It said it was forced to act due to huge fluctuations in the currency market.

Volatile markets

The dependence of South Korea on the US markets and current stability is nothing new.

Recently, an official from South Korea’s central bank stated “What is most concerning is that the U.S’ failure to raise its debt ceiling will intensify the overall volatility in the foreign currency markets”.

He said that higher financial market volatility could exacerbate major economic indicators here at a marked pace.

Nick Raynor, investment adviser at The Share Centre commented on the role of volatility regarding international investment.

“In volatility such as this many investors panic, however those willing to accept a higher degree of risk may look for buying opportunities. Although these conditions can be seen as a traders' market, investors should also look for the long term and drip feed into stocks as the market can continue to fall.”

Raynor said it is important to assess what is causing the volatility and the impact it has on certain sectors or regions.

“During volatile markets it is crucial for investors to identify their own stop losses, to know their limitations and target prices.”

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So if you are transferring money to South Korea, be sure to compare the market before you buy your overseas currency.

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