The restrictions are being preserved due to the sanctions that prohibit Russian financial institutions from buying western countries’ cash, the central bank said.
March 8, 2023Any foreign currency transactions worth more than KRW 5,000 has to be reported to the central bank, or face penalties for violating Korea's foreign exchange laws.
October 20, 2022Recent rate fixing is called "discriminatory" against exporters. A new legal framework is being set out to facilitate the confiscation of unreported offshore assets.
September 18, 2022While foreign currency liquidity levels at local banks have remained high, the FSS wants to be able to detect signs of a future liquidity shortage early.
September 9, 2022The proposed legislation removes uncertainty regarding whether Bitcoin may be treated as a ‘foreign currency’ for income tax purposes.
September 9, 2022Banks can clear USD, GBP, EUR, CAD and JPY through the RTGS system starting from 4 September. CNY clearing will be allowed "soon".
September 2, 2022The central bank warned that serious action will be taken against online businesses that are found to be illegally buying and selling foreign currencies.
August 30, 2022The PBOC and SAFE have expanded a pilot programme that allows multinational companies to pool domestic and foreign currency funds.
July 26, 2022An exemption from requirements to convert FX into the kyat has also been reversed for companies with foreign minority ownership.
July 21, 2022India's attitudes against isolating Russia arise from its strategic interests with Moscow and a long history as a recipient of sanctions, says Mathew Chemplayil.
July 13, 2022