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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: South Korea says not conducting special FX probes Reuters - 26 minutes ago SEOUL, Dec 30 - South Korea has not been carrying out any special investigations into foreign exchange transactions by commercial banks, an official at the top financial regulatory agency told Reuters on Tuesday, refuting a local media report. Financial authorities have been and will continue to monitor trading practices and market trends as part of their standard duties but have not launched any special probes, the Financial Supervisory Service official said. The comments came in response to a report by Yonhap news agency that quoted an unnamed official at the same agency as saying it planned to ask banks to submit foreign exchange transaction records for individual and corporate clients as part of an investigation into possible dollar-hoarding. "We do investigate when necessary but we are not doing any special investigations currently," Cho Young-je, director of the foreign exchange affairs office at the FSS, said by telephone. "We have no plans to ask banks for foreign exchange transaction records. We can ask them when we think it is necessary." South Korea carried out a special investigation of foreign exchange transactions in October and reported dozens of suspicious cases to the national tax administration for further investigation, Yonhap said. The country has been trying hard to shore up its battered won <KRW=> currency as its decline has further dented already sluggish domestic demand by inflating import bills and hit companies and banks holding foreign-currency debt. The won fell nearly 40 percent since the beginning of this year to hit an 11-year low against the dollar by late November, but has since recovered part of the loss. It ended December's last local session on Tuesday up nearly 17 percent on the month, marking its best month since March 1998, when the country was struggling to recover from the Asian financial crisis. (Reporting by Yoo Choonsik and Cheon Jong-woo; Editing by Jonathan Hopfner) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business MONEY MARKETS-Dollar rates creep lower as credit markets healReuters - 24 minutes ago South Korea says not conducting special FX probesReuters - 26 minutes ago Australia faces a slump in tourism: figuresAFP - 29 minutes ago S.Lanka cbank orders banks to cut dlr positionsReuters - 30 minutes ago BRIEF- Russia Gazprom H1 08 net profit 609.4 bln roublesReuters - 32 minutes ago Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Obama economic plan to cost between 675 and 775 bln: aides International community piles pressure on Israel Natural disasters 'killed over 220,000' in 2008 Two thousand and strange: offbeat stories of the year View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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