Korea mulls tripling NPS advance dollar funding limit

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Korea mulls tripling NPS advance dollar funding limit - Korea Economic Daily

Quick Summary:

The average daily balance of its foreign currency holdings stands at $600 million in the second quarter of this year.“If the advance funding limit is upped to match its monthly overseas investments of 2 to 3 billion dollars, its impact on the foreign exchange market will be reduced,” the welfare ministry official explained.

South Korea is considering tripling the maximum amount of dollars the National Pension Service (NPS) can buy from the domestic foreign exchange market for advance funding to $3 billion a month to mitigate its impact on the local financial market, according to welfare and finance ministry officials on Tuesday.

As NPS is increasing overeseas invsetments, so is its dollar demand," said a welfare ministry official.“We are seeking to expand the advance dollar funding limit as a means to minimize NPS' influence on the foreign exchange market,” he told The Korea Economic Daily.