SOUTH KOREA
Plans to End Foreign Exchange Controls Finalized: The South Korean government finalized plans to abolish foreign exchange controls by 1999 and will begin to ease or phase out regulations next year, officials said. Individuals will be allowed to buy or possess up to $10,000 in foreign currencies beginning next year. South Koreans are currently banned from buying or holding foreign currency without specific reasons and from keeping overseas accounts. The new plan will permit individuals to deposit up to $30,000 in overseas accounts.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
