Korea offers guidelines for RFI-K under won's internationalization vision
Korea on Wednesday announced revised rules for registered foreign institutions (RFIs) as part of the ongoing effort to make the won a freely convertible currency, the finance ministry said. The Ministry of Finance and Economy said it revised the guidelines on foreign financial institutions' foreign exchange operations and the foreign exchange transaction regulations following a public comment…
The Korea Times reports that the Ministry of Finance and Economy in South Korea has revised guidelines for registered foreign institutions (RFIs) as part of its efforts to internationalize the won currency. The revisions, which followed a public comment period and regulatory review, allow RFIs to open omnibus accounts at domestic foreign exchange banks and settle won transactions through the Bank of Korea Won International Wire Network.
This enables offshore won settlement without time or location constraints. To conduct offshore won business, registered foreign institutions must separately register with the finance ministry as a Registered Foreign Institution for KRW Business (RFI-K), allowing them to serve clients not residing in Korea by opening won-denominated accounts.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
