SOUTH KOREA
<i> Times Staff and Wire Reports</i>
Control on Foreign Exchange Rate to Be Eased: The Ministry of Finance and Economy said in a report that the government-set ceiling on daily fluctuations of the U.S. dollar exchange rate against the won will widen to 2.25% of the day’s central rate from Dec. 1. The current limit restricts movements to within 1.5% of the rate. The change will let market forces have more influence in determining the exchange rate, the ministry said. The government plans to convert to a freely floating exchange rate system by 1997.
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.
