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CONCERNS LINGER DESPITE S. KOREA'S EASED CREDIT CRUNCH.
SEOUL, Nov 3 Asia Pulse - South Korea's liquidity crunch has eased considerably on a swap deal with the U.S. and other market stabilization measures, but it is still too early to be optimistic about market conditions, experts said Sunday.
Slumping local currency and stock markets rebounded after the Bank of Korea, the nation's central bank, and the U.S. Federal Reserve agreed on a US$30 billion currency swap deal on Thursday, raising hopes for eased dollar funding for local banks amid more liquidity.
The deal -- along with a package of government-led stabilization measures, including a three-year state guarantee for banks' external debts and unprecedented interest rate cuts -- seemed to be paying off by shoring up severely dented market confidence.
South Korean banks and companies are having difficulty in securing enough liquidity to service debts and pay for their business activities. The Bank of Korea, which lowered its key interest rate by a record 0.75 percent last week, is expected to make another cut when it meets on Thursday.
"The worst seems to be over," said Jeon Seung-ji, a currency analyst at Samsung Futures. "The currency swap deal carries a symbolic meaning in that there are no more concerns over national bankruptcy."
On Friday, global credit appraiser Standard & Poor's removed South Korea's seven commercial banks, including Kookmin Bank and Woori Bank, from its watch list for credit reviews, citing recently improved liquidity conditions.
Experts, however, say that it is "too early" to say that financial instability has come to an end, as dollar-funding conditions will ...
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