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THE INVESTOR

Finance

BOK imposes additional levies on financial firms

  • PUBLISHED :May 11, 2017 - 14:45
  • UPDATED :May 11, 2017 - 14:45
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[THE INVESTOR] The central bank on May 11 announced additional levies on financial firms’ non-deposit foreign borrowing to ease volatility in capital flows.

The Bank of Korea said 66 financial companies, including 17 local banks and 34 branches of foreign lenders, are required to pay 0.1 percent of their outstanding non-deposit foreign debt maturing in less than one year.

Korea introduced the macroprudential stability levy in 2011 to reduce capital flow volatility.

By Alex Lee and newswires (alexlee@heraldcorp.com)
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