Bank of Korea and Ministry of Economy and Finance Select Six Leading Foreign Exchange Market Banks Including KDB, Shinhan, Woori, and Hana

Reduction of Foreign Exchange Soundness Charge

[Asia Economy Reporter Seo So-jeong] The Bank of Korea and the Ministry of Economy and Finance announced on the 23rd that they have selected six foreign exchange banks as the '2022 FX Leading Banks': Korea Development Bank, Shinhan Bank, Woori Bank, JPMorgan Chase Bank, Cr?dit Agricole Bank, and Hana Bank.

The FX Leading Banks are selected annually from foreign exchange banks with sound financial health and credit ratings, based on outstanding performance in both buy and sell transactions. This year's selection was based on last year's transaction performance.

At 4 p.m. today, the first meeting of the 'Foreign Exchange Market Development Advisory Group,' which includes the FX Leading Banks, will be held. The meeting will be attended by the Director of the Bank of Korea's International Department, the Director of the Ministry of Economy and Finance's International Finance Bureau, and vice presidents of the FX Leading Banks. They plan to discuss the selection results, operational directions, plans for advancing the foreign exchange market, and the current status of electronic trading in the foreign exchange market.

The foreign exchange authorities stated, "We will continue to strengthen policy communication with the Leading Banks for the development and institutional improvement of the foreign exchange market, and will persist in efforts to discover incentives such as reductions in foreign exchange soundness burden charges for the Leading Banks."