On May 9, 1st Vice Minister Kim Byoung-hwan met with Vice Chairman of Citibank Jay Collins at the Government Complex-Seoul to discuss global and Korean economic outlooks, Korea’s Corporate Value-up Program and Improvement Measures for Foreign Exchange (FX) Market Structure.
VM Kim stated that amid the ongoing recovery momentum in the Korean economy, concerted efforts will be made to secure sustainable growth engines by preparing and announcing a roadmap to a dynamic economy in the first half of this year, without being complacent; the government is committed to continue endeavors towards advancing Korea’s FX and capital markets by successfully implementing the FX market reforms and the Corporate Value-up Program.
Furthermore, VM Kim asked Citibank (London and Singapore branches) to actively participate in the Korean FX market by swiftly completing the registration process for the registered Foreign Institution (RFI)[1] ahead of the official implementation of the Improvement Measures for FX Market Structure slated for July 2024.
Vice Chairman Collins expressed his expectation that the stronger-than-expected economic growth rate in Korea during the first quarter would be sustained going forward. He also predicted that Korea’s FX and capital markets would advance to the next level when the FX market reforms and Corporate Value-up Program are implemented in full swing.
The government plans to continue fostering close communication with global financial institutions and major overseas investors to actively promote those institutional reforms for the advancement of Korea’s FX and capital markets.
[1] As of May 9, 2024, a total of 19 RFIs have completed registration.
Please refer to the attached files.
