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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Reserve Currencies

South Korea pledges $130 billion to aid banks, market

Posted on 20 October 2008

From Bloomberg.com: South Korea sought to rescue its financial system by guaranteeing $100 billion of lenders’ foreign-currency debts and providing $30 billion in U.S. dollars to banks.

The won rose and the Kospi was little changed after the government said it will also give tax benefits for long-term investors, and the central bank will provide “adequate” currency liquidity to the markets. The plan, unveiled yesterday, aims to help lenders overcome overseas funding difficulties….. Full Article: Source


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