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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 Weekend Edition Singapore Asia Pacific World SKorea announces levy on bank foreign borrowing AFP - Monday, December 20 Send IM Story Print SKorea announces levy on bank foreign borrowing Slideshow: Full Photo Coverage: Business & Economy SEOUL (AFP) - – South Korea announced plans Sunday for a levy on foreign borrowing by banks in another attempt to curb potentially destabilising capital inflows. The move is the latest in a series of measures by emerging markets to curb a flood of capital from the United States and elsewhere, which is pushing up the value of their currencies. As pre-emptive and precautionary measures, South Korea decided to impose the levy on non-deposit foreign currency liabilities, the finance ministry said in a statement. The new rules will take effect from the second half of next year, it said, adding the government would seek legislative approval for the move in February. Banks would have to pay the levy in foreign currency. The levy will first apply to domestic banks and foreign bank branches, and its rate will vary according to debt maturity, the ministry said, adding short-term debt would face a higher rate. "If needed the levy will apply to all financial institutions," the ministry said. The levy will be used to provide liquidity when necessary to help the economy cope with external shocks, it said. South Korea is "highly vulnerable to extreme changes" in sudden capital movements, and overseas borrowings are "the most volatile, in particular short-term ones," the ministry said. "A surge of capital inflows could lead to inflation and asset price bubbles, and a sudden reversal of such inflows could possibly result in a systemic risk," it said. Last month the government announced it would restore a tax on foreigners buying Seoul government bonds, warning that excessive capital flows could destabilise the economy and push the local currency, the won, even higher. Taiwan and Indonesia have also taken steps to curb a flood of capital into emerging markets from low-interest regimes in the United States and elsewhere. This has pushed up currencies and damaged export competitiveness. The Federal Reserve's decision to pour an additional 600 billion dollars into the US economy through "quantitative easing" has heightened concerns. Seoul authorities are also considering further limits on foreign-exchange forward positions held by banks. Seoul fears that "hot money" coming into the country could exit just as swiftly -- as it did during the 1997-1998 East Asian financial crisis and the 2008 global crisis, despite South Korea's strong economic fundamentals. Recommend Send IM Story Print Related Articles UAE Nov CPI flat on housing; fuel may lift inflation Reuters - 20 minutes ago US-BUSINESS Summary Reuters - 48 minutes ago Ex ECB member, Italy Minister Padoa-Schioppa dies Reuters - 49 minutes ago Israel's Bezeq mulls 3 bln shekel distribution Reuters - 1 hour 29 minutes ago Dubai silent on report it is in talks to sell LSE stake Reuters - 1 hour 41 minutes ago News Search Top Stories Rebels hold Afghan army centre after deadly attack Iran fuel prices soar as subsidies cut Spanish unions protest retirement reform Parents didn't want Sonia to wed Rajiv Gandhi: cables Britain, France, Germany demand EU budget freeze More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Parents didn't want Sonia to wed Rajiv Gandhi: cables WikiLeaks chief Assange fears US charges Iran fuel prices soar as subsidies cut Britain, France, Germany demand EU budget freeze Spanish unions protest retirement reform More Most Viewed » NASA finds new form of life... on Earth Defiant Obama defends tax cuts, eyes 2012 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 Weekend Edition 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 Entertainment Photos Yahoo! News Network 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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