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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korea needs to toughen fin regulations-c.bank official Reuters - Sunday, May 23 Send IM Story Print SEOUL, May 23 - South Korea needs to step up regulations to prevent another financial crisis and develop foreign exchange markets to deal with sudden capital flows, a senior central bank official said on Sunday. The country also needs to have a "proper level" of foreign exchange reserves, said Kim Kyung-soo, the head of the Bank of Korea's Institute for Monetary and Economic Research. "It is necessary to secure a macro prudential policy and strengthen regulations in order to prevent a recurrence of a financial crisis," Kim said in a abstract of a thesis, which he worked on with an International Monetary Fund researcher. Kim did not provide details on which financial regulations the country needs to toughen. "The issues should be discussed further in an international body such as G20," he told Reuters by telephone, adding other countries also need to strength regulations. South Korea is hosting the November summit of the Group of 20 with some of the world's leading economies such as Germany, France and Britain pushing for a global bank tax scheme along with stricter regulations on banks. But some others including Canada oppose the idea. Last week, Financial Services Commission Chairman Chin Dong-soo said the country would look at extra measures to cushion the impact from a possible sudden shift in cross-border capital flows. [ID:nTOE64H098] On the foreign exchange reserves, Kim said he did not say what level of foreign exchange reserves was appropriate, adding he did not mean the country must increase or decrease the reserves. "To supplement vulnerability revealed during a financial crisis, it is necessary to secure proper level of foreign exchange reserves with consideration of possible crisis and effectiveness," he said in the abstract provided by the central bank. South Korea's foreign exchange reserves in April posted their biggest monthly gain in five months to a record high of $278.87 billion. [ID:nSUL000044] Kim's remarks came as financial markets globally, including South Korea's, have been hit by the euro zone's debt problems. At the height of the global financial crunch in late 2008, many foreign bank branches had to send their money back to their cash-starved headquarters, causing a currency squeeze in the local market. Recommend Send IM Story Print Related Articles Australian treasurer rebuts mining tax "myths" Reuters - 26 minutes ago Clinton calls for fair trade ahead of China talks AFP - 48 minutes ago Indonesia finance minister promises reforms, swift start Reuters - 50 minutes ago Okinawa governor says US base plan tough to accept Reuters - 1 hour 5 minutes ago Thai bourse to resume trading on Monday - SET chief Reuters - 1 hour 30 minutes ago News Search Top Stories Pope, ECB chief slam governments over debt crisis BA strike talks abandoned after protestors storm building Bank of Spain takes over management of another savings bank Skrela guides Toulouse to fourth European Cup crown UK faces aggressive cuts in 'age of austerity' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Paris museum burglar grabs 120-million-dollar art haul US team creates first 'synthetic life' UK faces aggressive cuts in 'age of austerity' Pope, ECB chief slam governments over debt crisis Euro rescue package clears German parliament More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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