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COPYRIGHT 2003 Asia Pulse Pty Ltd
SEOUL, March 31 Asia Pulse - South Korea's commercial banks and the foreign exchange authorities are locked in a heated debate over whether the nation's foreign exchange reserves should be used to help the banks repay their foreign debts.
Commercial lenders argue the Bank of Korea (BOK), the nation's central bank, and the government should release some of the foreign exchange reserves estimated at US$123.5 billion to help them pay back their foreign debts that will mature between April and June.
Spurning such an argument, the central bank and the Ministry of Finance and Economy are categorically against using the foreign exchange reserves which they contend should remain intact as a "last cushion against crisis."
The debate comes at a time when...
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